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Date and page printing time: November 21th 2009 04:58 GMT
Trade's Tools | The FOREX market news
DJMN: Chile Stocks Close Slightly Higher Erasing Early 1% Drop
By Carolina Pica
Of DOW JONES NEWSWIRES
SANTIAGO (Dow Jones)--Chile's blue-chip Ipsa index closed slightly higher Tuesday as it rebounded from a 1% decline early in the session.
The Ipsa closed 0.2% higher at 3293.47. Volume rose to 58.9 billion Chilean pesos ($110.9 million) from CLP45.4 billion in the previous session.
Investors bought up select shares that had fallen to attractive levels, traders said. These included fertilizer and chemical producer SQM's (SQM) more liquid B-series, which gained 2% to CLP19,650.00, and power producer Endesa (EOC), which climbed 0.6% to CLP809.50.
Sharp declines in retailers, after the third-quarter earnings season ended the previous week with mixed results for the sector, held the leading local index from posting a bigger gain, traders said.
Retail holding Cencosud (CENCOSUD.SN) fell 0.2% to close at CLP1,607.90, department store La Polar (LAPOLAR.SN) fell 1.2% to CLP2,651.00, and Falabella (FALABELLA.SN) gave up 0.7% to CLP2,490.00.
In other local markets, the peso was weaker against the U.S. dollar Tuesday, falling from a year-to-date high close the previous session, on declines in the euro and London copper.
The peso ended at CLP530.90 to the dollar, compared with CLP528.60 Monday, after moving in a narrow range of CLP530.00 to CLP532.30.
In the local bond market, yields on the inflation-indexed Chilean central-bank bonds, or BCUs, ended lower in a technical correction in thin volume, traders said, as most market attention was focused on a corporate bond issue.
Banco de Credito del Peru (CREDITC1.VL) issued about $107 million in five-year bonds on the Chilean market Tuesday. This was the second so-called "Huaso" bond in which a foreign company issues bonds on the Chilean market. In April, Mexican telecommunications company America Movil SA (AMX), became the first foreign company to issue a Huaso bond.
Yields on Chilean five-year BCUs ended at 2.56%, down from 2.59% Monday. The yield on 10-year BCUs ended at 3.11%, down from 3.13% Monday.
-By Carolina Pica, Dow Jones Newswires; 56-2-820-4244; carolina.pica@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=zzvIlbd1ABWdI3%2FD8hQw4w%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 03, 2009 15:40 ET (20:40 GMT)
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