23 de abril 2001 - 00:00

A "run" by the end of session causes great alarm

A run by the end of session causes great alarm
By Carlos Fontana
Columnist for Ámbito Financiero

As Menem (former president) was adding fuel to the fire and governmental authorities were sending messages from abroad, our economy -which has turned into a hut- was observing how its thatched roof burnt.

Friday's closing time was frightful as the stock exchange was going down -reaching more than 6% fall- and trading volume was revealing a formal stock-exchange "run", even though the falseness of the market's figures improves the image if compared with what it really happened.

To talk about $63 million cash, as announced by the media, is merely raising the alarm and putting the system in jeopardy: because $26 million was traded in CEDEAR (certificates) and only $37 million in local stocks.

This is as alarming, but the stock exchange should rather get down to serious work and avoid contributing to the general confusion.

Fatal week

An "evil week", after the Holy one, with a country risk going over the peak and reaching almost 1,050 points and people selling securities of any kind.

Merval lost about 8%, almost reaching the level of February 2000 (410 points). If no soothing effect turned up during the weekend, we'd rather hide under the bed today...

The expectations about Cavallo acted like a counterirritant and do not bear more dialectics or challenges. Watch out.


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