Premarket trading on Monday saw gains in the U.S.-listed shares of Argentine equities, which were expected to continue their strong week-long surge prompted by Argentine President-elect Javier Milei’s trips to New York and Washington.
Before the bell, state oil giant YPF’s shares increased 3.6% in U.S. trade after surging roughly 56.9% the previous week.
While IRSA Inversiones y Representaciones Sociedad Anonima increased by 7.1%, Banco Bbva Argentina had a rise of 5.0%.
Argentine equities surged this week following the victory of libertarian Javier Milei in the nation’s presidential election, raising expectations of a more market-friendly economic strategy.
Following Sunday’s elections, the local S&P Merval stock index jumped by about 42.3% in one week, setting a new high on Friday.
All eyes will be on Milei’s journey to the US on December 10 for personal and other matters pertaining to his new responsibilities.
The spokeswoman said that Milei will brief representatives of the White House, the U.S. Treasury, and the International Monetary Fund (IMF) on his economic strategy, which calls for dissolving the central bank and dollarizing Argentina.