Argentine stocks listed on Wall Street have dropped by 2%, affected by a volatile global financial market and fears surrounding massive investments in artificial intelligence industries.
In recent trading, Argentine stocks on Wall Street experienced a significant decline, dropping by 2%. This downturn comes amid heightened volatility in global financial markets, where investor concerns are focused on large-scale investments in the artificial intelligence sector. Despite a long Carnival holiday preventing local market operations, Argentine depository receipts (ADRs) trading in New York showed a clear negative trend as they resumed trading after a hiatus.
Particularly hard hit were the banking sector stocks, with Grupo Financiero Galicia and Banco Supervielle both seeing a decline of 2.6%, followed closely by BBVA at a drop of 2.5%. The negative performance extended to other sectors, with companies such as Edenor and Cresud also suffering losses of around 2.5% and Transportadora de Gas del Norte falling by 2.2%. This decline reflects broader investor unease in the face of fluctuating market conditions and specific fears regarding the sustainability and direction of AI investments.
As the 'risk country' metric remains relatively stable at 518 basis points, the overall sentiment in the market indicates caution among investors. While the local market is on holiday, the performance of Argentine stocks in New York signals a need for vigilance regarding investment strategies, particularly amid the evolving landscape of technology investments and their implications for the economy.
