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" The last thing we will lose is humour." With this phrase and the headline of this column, a third-generation broker summarized yesterday's session. There were all kinds of rumours: resignations, devaluations and others we have not heard before and which were exaggerated as the public holiday of Monday is drawing near. It does not matter whether they are true or false, the fact is that they have enough room to spread. Another problem the same broker tried to illustrate: "A client calls me. I tell him what is going on in two minutes, and then...I don't have much more to say". Everybody has the same problem when trying to inform about the performance of the market. It reveals the lack of information and why there is so much room for the rumour.
The figures
51 traded stocks: 7 bullish stocks, 38 bearish stocks and 6 without changes. Trading volume: $23.4 million, $3.5 million out of which were traded by Cedears. The indexes: Burcap dropped 1.5%; Merval fell 3.42% to 372.74 points and M.Ar slid 3.89. We had to face again the old combination of fall in prices and high volume and it was scary if we take into account that the market opened with a 1.4% increase. Acíndar and Siderar (steel and iron companies) headed the falls (around 7%) and Galicia (-5.8). The leaders of the rises were Irsa and Repsol (+1%). As in the previous session, the optimism did not last long and nobody is able to explain why. Only for statistics: the last time we reached these levels was on April 29, 1999.
