24 hours ago, we said that the visits of the presidents of the Nation have not been traditionally welcomed to the stock exchange building with a rise in the price of the stocks.
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However, nothing seemed to indicate that Merval index was going to plummet (-6.14%) and close at 347.08 points. Somebody could say that the fall of securities was encouraged by the rate of Letes (Treasury Bills), but the truth is that the session was uneven.
Early trading experienced a first drop around 360 points. From then until 1:00 pm, there is not much to say, only another drop around 350 points. Almost without changes until 15 minutes before the closing time, the market experienced a new depressive wave and closed at 346.28 points.
We do not care about the rumours that affected the market this time or if we have to go back several years to find so low values. The important thing is what will happen from now onwards.
The figures of the market
Even though trading volume reached $23 million, almost half this amount corresponded to Pérez Companc and Galicia, two companies that lost more than 8.5%.
Yesterday, nobody was interested in good or bad results. The most important thing was whether they could sell quickly and get money out of the sale.
If history helps, this could indicate that problems are worked out quickly or that the worst part is yet to come.
With rates in pesos at a level higher than 30%, it is very difficult to keep positions firmly.
