The favorable resolution of the sovereign debt restructuring would be an important short-term driver for Argentine stocks prices. However, the long-term outlook is still not clear due to the slump in economic activity and uncertain recovery. Companies with a high percentage of dollar denominated revenues, lower operating exposure to the domestic market and low debt levels would act as a hedge in the current scenario, while in case of a better than expected recovery, could outperform the Merval index.
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