Chile Stocks Slip 0.82% as LATAM Falls 8.7% | Chile Market Report, Oct 28
Key Facts
- Chile’s main stock index, the S&P IPSA, fell 0.82% to 10,677.88 on Wednesday after Tuesday’s 1.81% rebound.
- LATAM Airlines, the region’s largest carrier, fell 8.7% on a day when oil prices rose, and telecom operator Entel lost 7.8%.
- The peso weakened about 0.3% to roughly 988 per US dollar. Chile’s central bank held its rate at 4.5% on Tuesday.
- For US investors: the iShares MSCI Chile ETF (ECH), a US-listed Chile fund, slipped 0.5% to US$36.19.
Today’s Focus
Chile’s stocks gave back part of Tuesday’s rally on Wednesday, and one name stole the show. The S&P IPSA, the index of Chile’s largest listed companies, fell 0.82% to 10,677.88 points.
LATAM Airlines, South America’s biggest airline, dropped 8.7% as oil prices rose, and telecom operator Entel lost 7.8%. Copec, the fuel and forestry group, rose 1.6%.
The Chilean peso weakened about 0.3% to roughly 988 per US dollar, worth about US$0.0010 per peso.
What matters today. Chile’s market leans on copper, lithium and travel, so a weak airline day and a softer peso show how exposed it is to oil and to global rates.
01 The session in one read
The IPSA closed at 10,677.88 on Wednesday 28 October, down 0.82% from 10,766.07 on Tuesday. That undid nearly half of Tuesday’s 1.81% gain.
The peso ended near 988 per dollar, about 0.3% weaker than the day before. In the United States the S&P 500 gained 0.28% to 7,744.
The standout was LATAM Airlines, whose shares fell 8.65% on heavy volume. We could not confirm a company-specific trigger; oil prices rose on the day, which raises fuel costs for airlines.
The index loss of 0.82% was moderate, and most large names moved less than 2%. The drop in LATAM Airlines and Entel did most of the damage, so this looks like stock-specific selling rather than a broad retreat.
The variable to watch is oil: if crude keeps rising, airline and consumer shares may stay under pressure while copper miners benefit.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P IPSA | 10,677.88 | −0.82% | Gave back part of Tuesday’s gain |
| USD/CLP | 988 | +0.3% | Peso weaker |
| Chile ETF (ECH) | US$36.19 | −0.5% | US-listed proxy |
| Copper fund (CPER) | US$40.33 | +0.70% | Copper firm |
| S&P 500 | 7,744 | +0.28% | Wall Street rose |
The IPSA’s 0.82% decline follows a 1.81% rise on Tuesday, so the index ended the two days up about 1%. The peso’s move to 988 per dollar means the dollar now costs about 0.3% more pesos.
Copper, Chile’s main export, was firm: the US-listed copper fund CPER rose 0.70% to US$40.33. Chile’s central bank held its policy rate at 4.5% on Tuesday evening, its latest decision. Rio Times · Live Market Intelligence
Live Market IntelligenceChile — Live Market Board
Chile — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPSA
10,677.88
-0.82%
—
10,766.07
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 IntelligenceChile Stocks Slip 0.82% as LATAM Falls 8.7% | Chile Market Report, Oct 28 — the full investor dossier
03 Why it moved: airlines and telecoms
LATAM Airlines fell 8.65% on turnover of about 919 million shares. Airlines are sensitive to fuel, and oil prices rose on Wednesday, with the US Oil Fund up 1.64% to US$166.57.
Entel, the telecom operator, dropped 7.8%. Banco Santander Chile slipped 1.5% and Banco de Chile 0.5%.
On the other side, Copec, the fuel and forestry group, gained 1.6% and CMPC, the paper and pulp maker, added 1.0%. SQM-B, the Santiago-listed share class of lithium producer SQM, fell 3.5%.
The Fed’s hold, with two voters preferring a quarter-point rate rise, kept the US dollar and Treasury yields in focus. The 10-year US yield ended at 5.02%.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| LATAM Airlines (LTM) | Largest regional airline | −8.7% | Heavy volume |
| Entel (ENTEL) | Telecom operator | −7.8% | Biggest domestic loser |
| SQM-B | Lithium producer | −3.5% | US shares −2.26% |
| Banco de Chile (CHILE) | Largest listed bank | −0.5% | Banks soft |
| Santander Chile (BSANTANDER) | Bank | −1.5% | Banks soft |
| Copec (COPEC) | Fuel and forestry | +1.6% | Oil-linked gainer |
| CMPC (CMPC) | Paper and pulp | +1.0% | Top gainer here |
The LATAM and Entel falls alone explain a large share of the index loss. Banks fell between 0.5% and 1.5%.
For lithium, SQM’s New York shares fell 2.26%, in line with the weak local line.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| IPSA | Chile | −0.82% |
| Ibovespa | Brazil | −2.68% |
| IPC | Mexico | −0.76% |
| Merval | Argentina | −1.30% |
| COLCAP | Colombia | −0.03% |
All five major Latin American indices ended lower. Brazil’s Ibovespa fell the most at 2.68%, and Chile’s 0.82% was in the middle.
Chile’s loss was driven by its own large names rather than by Brazil, as the weakest stocks were an airline and a telecom operator.
06 The technical picture
The IPSA’s close of 10,677.88 sits below Tuesday’s 10,766.07, which now acts as the first level to regain. A move above it would show that buyers still see Tuesday’s rebound as intact.
The peso near 988 per dollar is weaker than the 984.5 of Tuesday, close to the 990 level that traders treat as a line of pressure. A move back below 980 would signal renewed strength.
07 What to watch
- Oil prices: Further gains would keep pressure on LATAM Airlines and consumer names.
- Copper: A fund price above US$40 supports the peso and mining shares.
- LATAM Airlines: Whether the 8.7% drop is followed by company news or a rebound.
- US rates: The Fed’s 10-to-2 vote and a 10-year yield at 5.02% shape appetite for Chilean assets.
Background: Chile Monetary Policy at 4.5%, Explained.
Background: Chile Stocks Jump 1.81% as Central Bank Holds.
Frequently Asked Questions
Why did Chile’s stock index fall on Wednesday?
The IPSA fell 0.82%, led by LATAM Airlines (−8.7%) and Entel (−7.8%). We could not confirm a company-specific trigger; oil prices rose.
What is the S&P IPSA?
It is Chile’s benchmark stock index, tracking the largest and most traded companies on the Santiago exchange.
Did the Chilean peso strengthen?
No. It weakened about 0.3% to roughly 988 per US dollar.
How do US investors trade Chile?
Through US-listed funds such as the iShares MSCI Chile ETF (ECH), which slipped 0.5%, or ADRs, US-listed receipts of foreign shares, such as SQM.
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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