Argentina Equity Strategy Positive Market Momentum as Strong CAPEX Pipeline Builds Up

Research evidence excerpt

Argentina Equity Strategy Positive Market Momentum as Strong CAPEX Pipeline Builds Up

J P M O R G A N Global Markets Strategy

28 May 2026

Argentina Equity Strategy

Positive Market Momentum as Strong CAPEX Pipeline

Builds Up

Argentine equities have shown strong momentum in recent days, with MSCI LatAm Equity Strategy

ACArgentina up 12%+ in the last two weeks (MSCI LatAm up 1.9% in the same Diego Celedon

period). In our view, this market support has been the result of several positive news (56-22) 425-5245

items, including April’s inflation print below 3% MoM, the approval of the second diego.celedon@jpmorgan.com

review by the IMF, positive activity numbers and, more recently, a rebound in Inversiones J.P. Morgan Limitada

President Milei’s approval rating. In this context, the investment pipeline in Emy Shayo Cherman

Argentina continues to build up, with several new announcements in May, in (55-11) 4950-6684

emy.shayo@jpmorgan.com

addition to the proposal sent by the government to Congress of the “Super RIGI”, Banco J.P. Morgan S.A.

improving several aspects of the original initiative and potentially further boosting

Adrian E Huerta

investments. In this context, 1Q earnings season has been overall positive as well, (52-81) 8152-8720

while investors’ interest has also been focused on MSCI’s market classification adrian.huerta@jpmorgan.com

guide publication on June 23rd, to see if there are any hints about the timing of a J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

potential consultation process to reclassify Argentina back to EM, which would, Morgan Grupo Financiero

in our view, be a strong driver for Argentine equities. All in all, we keep our

optimistic view on Argentina in the medium term, which we have expressed via

VISTA (OW; Rodolfo Angele) in our LatAm portfolio.