Argentina ADRs down after Milei's 'tough pill'

Central Puerto SA

13/12/2023 15:07

** U.S.-listed shares of Argentinian companies fall as
markets cautiously assess the first details of President Javier
Milei's plans to shock the country's beleaguered economy back on
track
    ** Argentine Economy Minister Luis Caputo laid out the new
government's economic shock plan on Tuesday, targeting public
spending and a sharp currency devaluation as it looks to defuse
the country's worst economic crisis in decades
    ** The Global X MSCI Argentina ETF  ARGT.N  slips 0.7%
    ** Oil company YPF  YPF.N  slides 1% and Central Puerto
 CEPU.N  sheds 2.8%
    ** Financials such as Grupo Supervielle  SUPV.N , Banco
Macro  BMA.N , Banco Bbva Argentina  BBAR.N  and Grupo
Financiero Galicia  GGAL.O  fall between 1.7% and 4% 
    ** Loma Negra Compania Industrial Argentina  LOMA.N  eases
2.5%, while IRSA Inversiones y Representaciones Sociedad Anonima
 IRS.N  loses 1.5%
    ** Tele Argentina  TEO.N  drops 8.1%
    ** Meanwhile, Argentina's local stock index  .MERV  adds
1.7% for the day, and has rallied 433% so far this year

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;  Follow on X:
@BansariKamdar;))