Argentine stock up 20% after Milei elected

Buenos Aires: Argentina’s stock market rose 20 percent at the open on Tuesday, in its first reaction to the resounding election win by libertarian Javier Milei. The rise was led by state oil company YPF whose shares rose 34 percent after the president-elect announced he would privatize it as part of his package of reforms. On Monday YPF shares listed on Wall Street were up 40 percent at closing. Monday, the day after the election, was a public holiday in Argentina, delaying the market reaction. Milei, a 53-year-old economist and outsider, trounced Argentina’s long-dominant Peronist coalition as voters punished the government for decades of economic decline, with annual inflation at 143 percent. Milei has vowed to ditch the currency, the…