Chile Stocks Slip 0.31% as Peso Weakens | Chile Market Report, Oct 23
Key Facts
- Chile’s main stock index, the S&P IPSA, fell 0.31% on Friday and lost 2.04% over the week.
- The peso weakened 0.87% to 994.76 per US dollar, its weakest close since at least 1 October.
- Chile’s producer prices rose 24.8% in the year to September, up from 23.6% in August, driven by copper mining, according to INE data.
- Lithium miner SQM-B rose 2.2%, while retailers Falabella and CCU fell about 1.7% each.
- Chile’s exchange-traded fund in New York (ECH) lost 0.85% as the US dollar index rose 0.14%.
Today’s Focus
Chilean stocks closed lower on Friday, 23 October, and the peso weakened to its weakest close since at least 1 October. The S&P IPSA, which tracks Santiago’s biggest listed companies, fell 0.31%, according to the Santiago exchange data reported by Diario Estrategia.
The index lost 2.04% across the week. For US investors, the weaker peso adds to the loss on Chilean holdings in dollar terms.
What matters today. A weaker peso and a firmer dollar kept Chilean stocks under pressure, with lithium the one bright spot.
01 The session in one read
The IPSA fell 0.31% on Friday and finished the week down 2.04%. Chile’s peso weakened 0.87% to 994.76 per US dollar, the weakest close since at least 1 October.
Lithium producer SQM-B, one of Chile’s biggest exporters, bucked the trend and rose 2.2%. Consumer names such as the retailer Falabella and the beverage maker CCU fell about 1.7% and 1.8%.
Chile is the world’s largest copper producer, so a weaker peso often goes together with soft metal prices. On Friday, though, a copper fund (CPER) rose 1.5% in New York, so copper was not the main drag.
The day’s moves were small, and the week was the bigger story: the IPSA lost 2.04% as global rates and oil dominated sentiment. The peso’s slide is the clearest sign that investors were cautious.
A weaker peso lifts the cost of imports and can help exporters. Watch whether the dollar holds above 990 pesos next week.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P IPSA | Santiago exchange | −0.31% | Week: −2.04% |
| USD/CLP | 994.76 | +0.87% | Peso weakest close since at least 1 October |
| Chile ETF (ECH, New York) | US$36.00 | −0.85% | Dollar-based view of Chilean stocks |
| Dollar index | 101.75 | +0.14% | Firmer dollar globally |
The USD/CLP rate began October at 986.18 and reached 994.76 on Friday, its highest close in the month. The lowest was 972.58 on 5 October.
Producer prices are published monthly by the statistics institute INE. Rio Times · Live Market Intelligence
Live Market IntelligenceChile — Live Market Board
Chile — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPSA
10,746.36
-0.31%
—
10,780.31
11,210
10,984
1,513,213,483
USD/CLP
913.98
+0.04%
-5.67%
913.65
915.11
906.68
—
COPPER
6.61
+0.03%
+46.70%
6.61
6.71
6.61
39,543
SQM-B
65,305
-0.84%
+49.03%
65,860
66,949
64,978
76,539
COPEC
5,964
-1.09%
-11.70%
6,030
6,100
5,960
634,331
BSANTANDER
78.37
-2.28%
+35.94%
80.20
81.69
78.34
36,288,711
FALABELLA
6,334
-1.48%
+23.28%
6,429
6,450
6,300
26,085,814
ENELAM
87.09
+0.10%
-10.13%
87.00
87.40
86.50
13,106,417
CENCOSUD
1,946
-2.19%
-35.30%
1,990
2,010
1,945
966,528
CMPC
1,020
-1.96%
-29.10%
1,040
1,050
1,015
3,526,677
BANCO CHILE
184.96
-1.01%
+32.87%
186.85
189.99
184.33
18,101,240
LATAM AIR
24.08
-1.11%
+16.61%
24.35
24.59
23.88
573,612,753
SOUTHERN COPPER
193.97
-0.26%
+104.01%
194.48
199.36
192.59
367,102
03 Why it moved: dollar strength and soft consumer shares
The US dollar index rose 0.14% and the S&P 500 fell 0.52%, a combination that usually weighs on emerging-market currencies such as the Chilean peso. The ECH fund fell 0.85% in New York.
Chile’s statistics institute INE data show producer prices up 24.8% in the year to September, against 23.6% in August, with copper mining the main driver. Copper was not the drag on stocks on Friday: a New York copper fund (CPER) rose 1.53%.
Retailers and consumer groups lost ground. Falabella fell 1.7% and CCU 1.8%.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| SQM-B | CLP 56,919 (about US$57.22) | +2.15% | Lithium producer |
| Copec | CLP 6,523 (about US$6.56) | +0.33% | Fuel and forestry group |
| Falabella | CLP 6,575 (about US$6.61) | −1.72% | Retailer |
| CCU | CLP 5,185 (about US$5.21) | −1.76% | Beverage maker |
Prices are in Chilean pesos with US dollar values at 994.76 per dollar. SQM-B was the best of the large names and Copec edged up.
The two consumer names were the weakest, which fits a market worried about a weak peso and household spending.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P IPSA | Chile | −0.31% |
| Ibovespa | Brazil | +0.47% |
| S&P/BMV IPC | Mexico | −0.30% |
| MSCI Merval | Argentina | +4.4% |
| COLCAP | Colombia | +0.44% |
Latin American markets were split on Friday. Argentina and Brazil led, while Chile and Mexico lost about 0.3%.
Chile’s currency weakness stands out in a region where Brazil’s real and Mexico’s peso both gained.
06 The technical picture
The IPSA has lost 2.04% this week. The level to watch for the peso is 1,000 per dollar, a round number it has not closed above in October.
A move back towards 980 would suggest the pressure on the currency is easing.
07 What to watch
- The peso: A close above 1,000 per dollar would be a new test for importers and the central bank.
- Copper: A recovery in the metal tends to help both the peso and the stock market.
- Lithium: SQM-B is the stock to follow if lithium prices continue to rebound.
- The global dollar: A firmer dollar index usually weighs on the IPSA through the currency.
Background: Chile Stocks Fall 1.88% as Copper Slides.
Background: Chile Stocks Rise 0.5% as Retailers Lead.
Frequently Asked Questions
What is the S&P IPSA?
Chile’s main stock index. It tracks the most valuable and most traded companies on the Santiago exchange.
Why did the Chilean peso weaken?
The dollar index rose 0.14%, and USD/CLP closed at 994.76, the highest this month.
Which stocks rose on Friday?
Lithium producer SQM-B rose 2.2% and Copec 0.3%.
How did Chile’s producer prices do?
They rose 24.8% in the year to September, up from 23.6% in August, according to INE data and the RT economic calendar.
Market data: RT; index data from the Santiago exchange via Diario Estrategia; producer prices from INE via the RT economic calendar
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Get The Rio Times delivered to your inbox — market intelligence, daily briefs, and breaking analysis across Latin America.
Start for US$1