Chile Stocks Fall 1.25% as SQM Drops 3.3% | Chile Market Report, Oct 29
Key Facts
- Chile’s main stock index, the IPSA, fell 1.25% to 10,545 points on Thursday, its second straight loss.
- SQM, the lithium and fertiliser producer, lost about 3.3% while Copec, the fuel and forestry group, fell about 2.0% and Banco de Chile about 1.8%.
- The peso ended roughly flat near 988 per US dollar while the copper fund CPER, a gauge of Chile’s main export, lost 1.49%.
- For US investors: the iShares MSCI Chile ETF (ECH) fell 1.88% to US$35.51, and SQM’s New York shares dropped 4.36%.
Today’s Focus
Chile’s stock market gave back more ground on Thursday. The IPSA, the index of the Santiago exchange’s 30 most traded shares, fell 1.25% to 10,545 points.
The two industries Chile lives on, lithium and copper, both had a weak day abroad. SQM, a major lithium producer, fell about 3.3% at home, and the copper fund CPER lost 1.49%.
The peso barely moved, ending close to 988 per dollar, so the pressure fell on shares rather than on the currency.
What matters today. Chile earns most of its dollars from copper and lithium, so a weak day for both metals puts pressure on its shares, its budget and its currency.
01 The session in one read
The IPSA closed at 10,545.23 points on Thursday 29 October, down 1.25% from 10,677.94 on Wednesday. The index has now lost ground two sessions in a row.
Miners and fuel led the fall. SQM lost about 3.3% and Copec about 2.0%, while the banks also slipped: Banco de Chile fell about 1.8% and Banco Santander Chile about 1.0%.
A few shares rose. Enel Américas, a power company, gained about 1.2%, and BCI, a large bank, about 1.8%.
The IPSA fell 1.25% on a day when the lithium fund LIT lost 2.79% and the copper fund CPER lost 1.49%, which fits Chile’s dependence on both. Wall Street was weak too, with the S&P 500 down 0.30%.
We could not confirm a single trigger. The variable to watch is whether copper and lithium stabilise, since the IPSA has moved with them this week.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| IPSA | 10,545 | −1.25% | Second lower close |
| USD/CLP | about 988 | flat | Peso little changed |
| Copper fund (CPER) | US$39.73 | −1.49% | Chile’s main export |
| S&P 500 | 7,720 | −0.30% | Wall Street lower |
| US 10-year yield | 4.94% | −0.08 pt | Dollar rates eased |
The IPSA lost about 133 points on the day. The peso’s dollar rate was 988.25 at the end-of-day mark against 987.84 on Wednesday, so we call it roughly flat.
US growth was firmer than expected: the Bureau of Economic Analysis (BEA), the US statistics agency, put third-quarter growth at 3.4% at an annual rate, above the 3.2% forecast in the RT economic calendar. Rio Times · Live Market Intelligence
Live Market IntelligenceChile — Live Market Board
Chile — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPSA
10,545.23
-1.24%
—
10,677.94
10,722
10,633
—
USD/CLP
983.47
-0.57%
+5.64%
989.13
991.87
979.07
—
COPPER
6.65
+2.24%
+29.44%
6.51
6.66
6.54
37,751
SQM-B
59,350
+5.00%
+41.63%
56,525
59,500
56,800
139,333
COPEC
6,587
+1.26%
-0.72%
6,505
6,678
6,523
651,577
BSANTANDER
78.27
+0.22%
+18.23%
78.10
79.08
78.04
29,319,739
FALABELLA
6,537
+0.57%
+12.38%
6,500
6,569
6,451
521,197
ENELAM
83.60
-0.61%
-7.37%
84.11
85.95
83.33
17,436,403
CENCOSUD
1,818
-0.12%
-37.29%
1,820
1,836
1,810
1,172,754
CMPC
935.00
-0.52%
-28.63%
939.90
939.76
933.04
507,661
BANCO CHILE
192.44
+0.90%
+20.05%
190.73
192.99
190.73
16,978,917
LATAM AIR
22.04
+2.04%
+4.75%
21.60
22.20
21.81
859,178,133
SOUTHERN COPPER
192.19
+3.32%
+50.65%
186.01
193.86
185.75
649,631
Live Company IntelligenceSociedad Quimica y Minera de Chile SA ADR B — the full investor dossier
Wall Street view
Valuation & profitability
Price & risk
$44.5552-wk high
$96.14
Revenue trend · 6y
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Dividend
03 Why it moved: lithium, copper and fuel
SQM, Chile’s lithium champion, was the day’s big loser: about −3.3% in Santiago and −4.36% for its New York shares. The US lithium fund LIT fell 2.79%.
Copec, Chile’s largest fuel and forestry group, lost about 2.0%. LATAM Airlines, the regional carrier, fell about 2.2%.
We could not confirm a single reason for the sell-off. Copper’s 1.49% fall in the CPER fund is the clearest outside signal.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| SQM-B | Lithium and fertiliser producer | −3.3% | Lithium fund −2.79% |
| Copec | Fuel and forestry group | −2.0% | Weak energy shares |
| Banco de Chile | Large bank | −1.8% | Banks slipped |
| LATAM Airlines | Regional carrier | −2.2% | Weaker travel shares |
| Banco Santander Chile | Local bank | −1.0% | Banks slipped |
| Enel Américas | Power company | +1.2% | Defensive buying |
| BCI | Large bank | +1.8% | Bucked the trend |
Moves are rounded and taken from the Santiago close. Banco de Chile is listed as CHILE, and Banco Santander Chile as BSANTANDER.
For US investors, the iShares MSCI Chile ETF (ECH) fell 1.88% to US$35.51, and Freeport-McMoRan, a US copper miner, lost 0.69% to US$66.14.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| IPSA | Chile | −1.25% |
| Ibovespa | Brazil | −1.06% |
| IPC | Mexico | +0.87% |
| Merval | Argentina | −1.0% |
| COLCAP | Colombia | −0.63% |
Chile’s fall was the largest in Latin America on Thursday, ahead of Brazil’s 1.06%.
Mexico was the only major market to rise, with its IPC up 0.87%.
06 The technical picture
The IPSA now sits about 2% below the 10,766 it closed at on Tuesday 27 October. A close back above Wednesday’s 10,678 would show that buyers are returning.
Copper’s next move will matter more than any local news.
07 What to watch
- Copper and lithium: Another weak day for the CPER and LIT funds would add pressure on the IPSA.
- USD/CLP near 988: A move above 990 would signal stress on Chile’s currency.
- Banco Central de Chile: Chile’s central bank watches the peso and inflation when it sets interest rates.
- US growth: With US growth at 3.4%, demand for Chile’s exports looks firm.
Background: Chile Stocks Slip 0.82% as LATAM Falls 8.7%.
Background: Chile Monetary Policy at 4.5%, Explained.
Frequently Asked Questions
Why did the IPSA fall on Thursday?
SQM and Copec led the fall, and copper and lithium funds were weak. We could not confirm a single trigger.
What is the IPSA?
It is the main stock index of the Santiago exchange, tracking Chile’s most traded companies.
Did the Chilean peso move?
Barely. It ended near 988 per dollar, roughly where it began.
How did SQM do?
SQM fell about 3.3% in Santiago and 4.36% in New York.
Market data: RT; exchange figures from Bolsa de Santiago
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
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