IPSA Gains 0.2% to 11,024 as Inflation Slows | Chile Market Report, Oct 8
Key Facts
- The S&P IPSA, Chile’s main stock index, rose 0.22% to 11,024 points on Thursday 8 October, after Wednesday’s 1.47% fall (RT).
- Consumer prices rose 0.4% in September and 4.1% over twelve months, the National Statistics Institute (INE) reported; the market had expected 0.5% for the month.
- Fuel and vegetables drove the monthly rise: diesel climbed more than 10% in a month, and potatoes and lettuce also rose (Publimetro).
- The peso was near 977 per US dollar, 0.18% stronger (RT), as the iShares Chile ETF (ECH) rose 0.67% in New York.
- Prediction markets: we found no active market on Chile’s central bank or stocks this evening.
Today’s Focus
Chilean stocks edged higher on Thursday 8 October. The S&P IPSA, the main index of the Santiago exchange, gained 0.22% to 11,024 points.
The day’s data came from INE: prices rose 0.4% in September, less than the 0.5% investors expected, as fuel and vegetables pushed the index up. Annual inflation was 4.1%.
For a US investor, slower monthly inflation keeps alive the case for lower rates in Chile, where copper and lithium shares carry the stock market.
What matters today. A softer inflation print and steady copper support Chilean assets, though lithium shares are still down this week.
01 The session in one read
The IPSA closed at 11,024.22 points, up 0.22%, according to RT. On Wednesday it had closed at 10,999.64 after a fall of 1.47%. On Thursday it traded between 10,933 and 11,057.
The peso strengthened 0.18% to 977.35 per US dollar in RT’s close. Diario Financiero reported about 979 pesos, so local quotes differ by a couple of pesos; we use RT for consistency.
In New York, the iShares Chile ETF rose 0.67% to US$37.68. Banco de Chile gained 2.30%, Enel Chile 1.85%, CCU 1.28% and Santander Chile 0.95%. LATAM Airlines lost 1.04% and SQM 0.14%.
The gain was small and follows Wednesday’s 1.47% fall, so it reads as stabilisation and not as a new trend. Banks led, while lithium-linked SQM and the airline lagged.
We cannot tell from one day whether inflation of 4.1% will change the Central Bank’s path. The bank’s next steps will depend on activity data as well.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P IPSA | 11,024 | +0.22% | Small rebound |
| USD/CLP | 977.35 | -0.18% | Peso firmer |
| iShares Chile ETF (ECH) | US$37.68 | +0.67% | New York proxy |
| Inflation, monthly | 0.4% | — | Forecast 0.5% |
| Inflation, annual | 4.1% | — | INE, September |
| S&P 500 | 7,765 | -0.47% | Wall Street slips |
INE reported that the Inflation Rate for September was 0.4% over the month and 4.1% over twelve months. The RT calendar had listed a monthly forecast of 0.5% and a previous monthly reading of 0.6%. The Core Inflation Rate was also scheduled for the day; we could not verify that figure at publication.
Local media pointed to fuel and food. Diesel rose more than 10% in the month, and vegetables such as potatoes and lettuce were among the biggest increases. Rio Times · Live Market Intelligence
Live Market IntelligenceChile — Live Market Board
Chile — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPSA
11,024.22
+0.22%
—
10,999.64
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: inflation and a firmer peso
The inflation surprise was mild but welcome. A monthly 0.4% was under the market’s 0.5%, which supports bets on lower interest rates. Banks, the most rate-sensitive stocks, led the gains.
Copper, Chile’s main export, fell slightly: the CPER copper fund lost 0.88% in New York. That held back miners. Lithium shares were also soft, with the LIT fund down 0.70%.
04 The day’s movers
| Stock (NYSE) | Change | Note |
|---|---|---|
| Banco de Chile (BCH) | +2.30% | Largest bank gains |
| Enel Chile (ENIC) | +1.85% | Utility |
| CCU (CCU) | +1.28% | Brewer |
| Santander Chile (BSAC) | +0.95% | Bank |
| SQM (SQM) | -0.14% | Lithium miner |
| LATAM Airlines (LTM) | -1.04% | Airline |
Domestic share prices from Santiago were not available to us at publication. The moves above are the New York listings of Chilean companies (RT).
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| IPSA | Chile | +0.22% |
| Ibovespa | Brazil | +0.94% |
| IPC | Mexico | +0.52% |
| Merval | Argentina | +0.30% |
| COLCAP | Colombia | -0.37% |
| S&P 500 | United States | -0.47% |
Chile’s gain was the smallest of the four rising markets. Colombia’s COLCAP was the only index to fall.
06 The technical picture
The IPSA is back above 11,000 after touching 10,962 on Wednesday. The index needs to hold that level to keep the October gains. Its recent high in the RT series is near 11,200.
The peso’s range, from 974.71 to 986.90 per dollar, was wider than the 0.18% change suggests. The dollar fell back from its high in the afternoon.
07 What to watch
- Central Bank path: The inflation print will shape the debate on rate cuts at the next monetary policy meeting.
- Copper: The metal moves the peso and the miners; Chinese restocking after the National Day holiday is the swing factor.
- Lithium: SQM and the LIT fund are sensitive to Chinese demand and to US yields.
- Friday 9 October: Weekly US data and the USDA WASDE report set the global tone.
Background: IPSA Falls 1.5% to 11,000 as SQM Slides | Chile Market Report, Oct 7.
Background: Chile Market Report, Oct 5.
Frequently Asked Questions
How did the Chilean stock market do on 8 October?
The S&P IPSA rose 0.22% to 11,024 points, after falling 1.47% on Wednesday, according to RT.
What was Chile’s inflation in September?
Prices rose 0.4% in the month and 4.1% over twelve months, according to INE. The market had expected 0.5% for the month.
Where did the Chilean peso close?
At 977.35 per US dollar in RT’s close, 0.18% stronger. Diario Financiero reported about 979 pesos.
What drove prices up in September?
Fuel, with diesel up more than 10% in a month, and vegetables such as potatoes and lettuce, according to local media.
Market data: RT; inflation: INE (Instituto Nacional de Estadísticas), reported by Cooperativa, Publimetro and EFE
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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