August 7, 2020

The Ibex loses part of the land gained in the last month

Negative day for our selective that breaks the barrier of 9,300 points and falls around 1.5% today. This reaction was foreseeable since yesterday he drew a bearish candlestick on a daily chart. Despite this, the Ibex has reacted in the area of ​​9,130 ​​points. Mid-session, influenced by the American opening has had a positive reaction. Our selective face a difficult situation because if the falls continue, the key for next week will be not to close below 9,150 integers, since this situation could extend the losses to 8,850 points.

After the last elections to form a government in Spain, a climate of political uncertainty has been generated. This uncertainty is based on the possible reforms that the executive power formed by the coalition can undertake. The future economic situation for our country and the policies proposed but not yet approved, can generate serious doubts in the market, leaving many fringes to glimpse before we see a clear direction in the new government.

At the corporate level, we can highlight three positive values ​​in our index. Today only Grifols, Amadeus and Inditex have remained green, Grifols has traded around 2% positive while Amadeus and Inditex have failed to exceed 1%. On the other hand, the session has been very negative for almost all securities, the banking sector has fallen around 3%. Also noteworthy are the falls of ACS, Indra, Ence and Acciona above 3%. We have seen the red lantern in MásMovil with a fall close to 6%. Without a doubt, political uncertainty is not well received and drags the market downwards in a generalized way. If the current tension subsided, we would find good buying opportunities to attack our selective at quite attractive prices.


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