Argentine Markets Drop Sharply After Ruling Party Presidential Candidate Soars
Updated Oct. 23, 2023 2:38 pm ETArgentine stocks, bonds and currency traded sharply lower on Monday after the ruling party’s presidential candidate came out on top in the first round of voting, surprising investors and creating concerns about the continuation of free-spending policies driving triple-digit inflation. Argentina’s bonds fell as much as 10% and were trading around 25 cents on the dollar before bouncing back slightly. The benchmark Merval index of Argentine stocks was down almost 6%. Shares of Grupo Financiero Galicia, a Buenos Aires-based financial services company, shed 4% in New York, while state-owned energy company YPF fell 8% and agriculture firm Cresud was 5% lower. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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