Financial experts analyze the situation of the Argentine market, which is influenced by various factors such as global volatility, the accumulation of reserves by the Government, and expectations of a new agreement with the International Monetary Fund. Delphos Investment suggests that the bearish dynamics could change soon, and highlight the possibility that "Black Monday" on Wall Street may benefit the rebound of local stocks.
According to analysts, the recent collapse in the Argentine market is due to financial flows and there are no signs of contagion. Despite the declines, Argentine stocks maintained an upward trend over the past year, but in 2025 declines of up to 14% have been observed in some cases. Although the global context and crises such as DeepSeek influenced the market, these events only intensified the accumulated losses of the year.
In January, the S&P Merval registers a decline of 3% in pesos and 3.7% in dollars, with some leading stocks showing a decrease of up to 17%. Analysts mention the inverse correlation between Merval and Brazil's EWZ and point out that Brazil is recovering partly due to capital outflows from Argentina. Despite the negative perception towards the local stock market, Delphos Investment anticipates a reversal of the bearish dynamics due to the strong Argentine economic fundamentals.
Despite recent declines, some Argentine stocks presented a return of over 110% in dollars, mainly due to investor confidence in Javier Milei's management. Although projections expected continued market growth for 2025, the reality of the first month of the year indicates a different scenario. Consulting firms believe that the recent decline lacks solid fundamentals and could be beneficial for emerging economies.
