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Javier Milei, the presidential candidate of the Liberty Advances coalition, has arrived in Buenos Aires to vote in the presidential runoff election. Milei’s victory in Sunday’s election caused massive surges in shares of state-owned oil firm YPF, rising 40% on Monday. During his campaign, Milei pledged to reform the Argentine economy and expressed a desire to privatize YPF.

On Monday after his win, YPF saw its New York-listed shares spike more than 40%. The stock hovered at $14.90, up 38.82% on that same day. The winner of the Argentine presidential election secured his win by a wider margin than expected and has promised to revitalize the ailing Argentine economy. He has also mentioned potential sales of YPF and other state-controlled companies to improve public accounts. In a radio interview, the president-elect stated his administration will “create value” for companies to be sold beneficially for Argentines.

More Argentina-related equities like Grupo Financiero Galicia, Banco Macro, and the Global X MSCI Argentina ETF also saw gains on Monday following Milei’s election victory. The president-elect expressed his commitment to ending the “model of decadence” in a post-election speech, suggesting change is imminent. Investors and markets will closely watch the exchange rate between the peso and the dollar as Milei’s economic plan involves prioritizing the US currency over the local peso to help mitigate historic inflation

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