Executive Summary
The S&P Merval rose 2.62% over the week ending July 24, 2026, closing at 3,283,854 after a session-by-session path of modest gains followed by sharp reversals. The index advanced 0.74% on July 20, 1.81% on July 21 and 2.98% on July 22 before falling 1.78% on July 23 and 1.07% on July 24. The net weekly gain reflected continued domestic optimism tempered by external market noise.
Weekly Drivers
- Profit-taking in financial and energy heavyweights reversed earlier gains late in the week.
- Sharp declines in Tesla CEDEARs transmitted global equity weakness to the local market on July 23.
- Energy names such as Vista Energy and Pampa Energía posted selective gains amid stable domestic fundamentals.
- The peso remained relatively steady near 1,489 per dollar with limited pressure on parallel exchange rates.
- Investor sentiment stayed supported by low country risk and ongoing reform momentum under the current administration.
Sectors & Breadth
Energy stocks provided relative leadership during the week while financial names experienced notable profit-taking. The moves were somewhat concentrated, with individual CEDEAR and large-cap names driving daily swings rather than broad participation across the index. Overall breadth appeared mixed as the market digested prior advances without uniform sector rotation.
What to Watch
- Upcoming Argentine economic data releases and any policy updates from the Milei administration.
- Movements in global equity markets and their potential spillover via CEDEAR trading.
- Peso stability and parallel exchange rate behavior for signs of shifting foreign demand.
- Quarterly earnings from major listed companies and any updates on capital market access.
Capital-Flow Context
Foreign investor interest in Argentine equities has remained a supportive factor amid the ongoing reform narrative and relatively stable currency conditions. Parallel exchange rates such as the CCL and MEP showed limited volatility, suggesting contained demand for immediate dollar hedges. Equity inflows via the local market have contributed to the rally even as broader capital account data for earlier quarters reflected net outflows. Currency effects continued to influence real returns for cross-border participants.