The Ibex gets used to political uncertainty and closes flat after the elections

The Ibex has become accustomed to political uncertainty and closed this Monday with a slight drop of 0.06%, to 9,388 points. The election result this Sunday did not dispel doubts about the governance of Spain, but analysts already predicted that neither the index nor the risk premium would significantly suffer the extent of political instability in the country.

Within the Ibex, banking has been the worst sector of the day, with Bankinter (+ 0.66%) and Sabadell (+ 0.63%) as the only financial institutions that didn't experiencered numbers. However, CaixaBank (-1.04%) has been the most punished value of the selective, while the most bullish have been Indra (+ 1.73%) and Meliá Hotels (+ 1.27%).

The result of the elections gives a victory for the PSOE that does not hide the wear of the president of the acting Government (Pedro Sánchez), with fewer deputies than the 28A.

This new scenario "in which the left of Unidas Podemos move away and gives more strength to the liberal reformist parties, is clearly excellent news for the market, favorable to the political programs of VOX, PP and Cs in this order," says Gisela Turazzini, CEO of Blacjbird.

In this regard, the expert points out that “the threat to the banking tax and energy regulation loses weight, so that risks should be dissipated in both sectors, especially in the renewable energy sector than with the current result, it is clearly the most benefited of all the listed sectors of the IBEX 35 ”.

COMPANIES AND OTHER MARKETS

At the business level, the results of Almirall stand out, which earns 97.3 million until September, up 4.4%, and increases its income by 17%. Investors have also been pending on Grifols, which has risen 1% (closed flat) thanks to its mega-financing closed last Friday at the close of the market.

Beyond our borders, the Hong Kong stock market has suffered on Monday and the Hang Seng has fallen 2.6% amid a new day of protests and tensions in the autonomous city. A protester is in critical condition after police shot him Monday.

In the raw materials market, the barrel of Brent falls 0.2% at the close of the market in Europe and is paid at $ 62.37. For its part, in the foreign exchange market, the euro increases in value by 0.2% and is exchanged for $ 1.1040.

TECHNICAL ANALYSIS

"The most immediate support, the one we left in the session of Monday of last week (9,328) has served as a brake for today. So this gap has been filled this Monday but was not closed, meaning it has acted as support ", highlights José María Rodríguez, analyst at Bolsamanía.

"Below we have 9,200 points, which is where the most important support is in terms of the short term. While above we have the same resistance zones: 9,500 points (maximum of the 'reversal') and annual maximums in 9,500 points, "he adds.

"In any case, it must be said that the slow and heavy lateral movement of recent weeks is the right way forward. Only instead of doing so with falls we do it consuming time. It would be said that the Ibex is moving slowly, but surely. Or at least as long as 9,200 points are respected, then there is nothing to worry about, "the expert concludes.