Chile Markets: IPSA & the Peso — September 30, 2026
Key Facts
- The S&P IPSA fell 0.73% to 11,055.91 on Tuesday, 29 September, its fourth straight loss, leaving it 4.9% below its 52-week closing high.
- Chile’s peso weakened 0.48% to 972.98 per US dollar, its weakest close in more than a year.
- Banco de Chile fell 2.8%, retailer Falabella 2.5% and fuel distributor Copec 2.1%, as banks and consumer names bore the brunt of the selling.
- Lithium miner SQM-B rose 1.4%, one of few gainers among the large caps, while copper ended little changed.
- US consumer confidence fell to 81.9, the lowest since 2014, the main data point of a day with no Chilean releases; the government confirmed 1.5% spending growth in the 2027 budget.
Today’s Focus
Chile’s stock market lost ground on Tuesday, 29 September, with the S&P IPSA — the benchmark index of the Santiago exchange — closing down 0.73% at 11,055.91 points. It was the index’s fourth straight decline and left it 4.9% below its 52-week closing high.
The peso continued its slide, weakening 0.48% to 972.98 per US dollar, its weakest close in more than a year. The dollar index rose 0.17%, and US ten-year Treasury yields stayed near 5.25%.
Bank and retail shares led the falls, while lithium miner SQM-B gained 1.4%. In the United States, the Conference Board’s consumer confidence index fell to 81.9 in September, well below forecasts and the lowest since 2014. Wall Street closed lower.
At home, the governing coalition confirmed after a meeting with President José Antonio Kast that spending in the 2027 budget will grow 1.5%, above the 1% first signalled.
What matters today. The peso’s slide to its weakest level in more than a year is weighing on banks and consumer stocks, while lithium names find support.
01 The session in one read
Chile’s main stock index, the S&P IPSA, closed Tuesday’s session at 11,055.91, down 0.73% from Monday’s close. It was the fourth losing session in a row, and the index is now 4.9% below its closing high of 11,628 from 28 January.
The day’s story was really about the peso. It weakened 0.48% to 972.98 per US dollar, its weakest close in more than a year, as the US currency stayed firm. A weaker peso raises import costs for retailers and adds to inflation worries.
LATAM Airlines, the region’s largest carrier, saw the heaviest turnover among the names tracked here, at about US$23 million, though its shares barely moved, finishing up 0.2%.
The selling was concentrated in financial and retail shares. Banco de Chile fell 2.8%, Falabella dropped 2.5% and fuel distributor Copec lost 2.1%.
Tuesday’s session confirmed the dollar is dictating the mood in Santiago. With the US currency at its highest against the peso in more than a year, investors trimmed exposure to domestic consumer names like Falabella and Cencosud, while the banks followed Banco de Chile lower. The only notable outlier was SQM-B, the lithium giant, which rose 1.4% despite the sour mood. The variable to watch now is whether the dollar’s strength extends, which would deepen pressure on the peso and the IPSA.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P IPSA | 11,055.91 | −0.73% | 4.9% below 52-week closing high |
| Session range | 11,038–11,171 | — | Intraday low and high |
| USD/CLP | 972.98 | +0.48% | Peso weaker; dollar at 52-week closing high |
| S&P IPSA 52w range (closes) | 8,676 – 11,628 | — | Upper part of the range |
| USD/CLP 52w range (closes) | 851.68 – 972.98 | — | Closing at the top |
The board above tells the story at a glance: the dollar closed at its 52-week high against the peso, while the stock index drifted further from its own peak.
A 52-week high for USD/CLP means the dollar buys more pesos now than at any time in the past year. That is a weakening local currency, and it was the thread running through the session.
Live Market IntelligenceChile — Live Market Board
Rio Times · Live Market Intelligence
Chile — Live Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPSA | 11,055.91 | -0.73% | — | 11,137.23 | 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 copper caution
The driving force was the US dollar. The dollar index, which measures the greenback against a basket of major currencies, rose 0.17% to 101.37, and the US ten-year Treasury yield ended at 5.249%. High US yields draw money away from emerging markets.
Copper, Chile’s main export, gave the peso little help. Comex copper futures ended about 0.3% lower at US$6.54 a pound. On Monday, two unions at Antofagasta Minerals’ Centinela mine rejected the company’s wage offer, opening the way to a possible strike after a five-day mediation period. That supply risk was offset by caution over Chinese demand ahead of September’s factory surveys.
There was no single Chile-specific shock behind the fall. The steady rise of the dollar, together with selling in banks and consumer names, set the tone.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Banco de Chile (CHILE) | — | −2.8% | Heaviest financial fall; about US$20m traded |
| Falabella | — | −2.5% | Retailer hit by peso weakness; US$10m turnover |
| Copec | — | −2.1% | Fuel distributor lower; about US$7m traded |
| Cencosud | — | −1.7% | Supermarket chain slips; US$17m turnover |
| SQM-B | — | +1.4% | Lithium miner gains; US$13m traded |
| CMPC | — | +0.9% | Pulp producer up; US$12m turnover |
| LATAM Airlines (LTM) | — | +0.2% | Heaviest turnover in this table, US$23m |
The table above highlights the split in the session. On one side, the big domestic-facing names — Chile’s banks, retailers and fuel distributors — absorbed the selling. On the other, a few exporters and commodity plays, like SQM-B and CMPC, found support.
LATAM Airlines saw the heaviest turnover among these names, at about US$23 million, but ended up just 0.2%.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +0.46% |
| IPC | Mexico | +0.26% |
| IPSA | Chile | −0.73% |
| COLCAP | Colombia | −0.79% |
| Merval | Argentina | −0.58% |
The regional picture was mixed. Brazil’s Ibovespa, the region’s heavyweight, rose 0.46% to 183,828, while Mexico’s IPC added 0.26%. That made Chile’s 0.73% fall stand out on a day when the region lacked a single clear direction.
Colombia’s COLCAP fell 0.79% to 2,559 points, and Argentina’s Merval slipped 0.58% for an eighth straight loss.
06 The technical picture
The IPSA’s close at 11,055.91 leaves it 4.9% below its 52-week closing high of 11,628. It remains in the upper part of its one-year range, which started at 8,676 in October 2025, but the losing streak has taken it to its lowest close since 14 August.
The peso chart is cleaner. USD/CLP at 972.98 is at the top of its 52-week range. The dollar has gained more than 14% against the peso since its February low of 851.68. A run of closes above 975, Tuesday’s intraday high, would signal more peso weakness ahead.
07 Tuesday’s data, one by one
Monday’s edition told readers to watch copper, the peso near 968 per US dollar, US Treasury yields and September inflation. Chile had no data releases on Tuesday, so the day’s numbers came from the United States.
- US consumer confidence (Conference Board, September): 81.9, against about 89 expected and 88.6 in August (revised from 89.4). It was the lowest reading since 2014. Wall Street fell and the dollar still firmed, so the peso got no relief.
- US job openings (JOLTS, August): 7.08 million, below the 7.23 million expected and down from a revised 7.34 million in July. Labour demand is cooling. The market reaction was limited.
- US house prices (July): the S&P/Case-Shiller 20-city index rose 2.5% year on year, above the 2.2% expected. No visible market impact.
- Fed speakers and yields: New York Fed president John Williams said he saw no urgency for another rate increase after the September hike. The US ten-year yield ended almost unchanged at 5.249%, still a headwind for Chilean assets.
- Copper: little changed, with Comex futures about 0.3% lower at US$6.54 a pound, as the Centinela labour dispute offset caution over China.
- Peso near 968 per US dollar: the level we flagged gave way, with the peso closing at 972.98 per US dollar, its weakest close in more than a year.
- September inflation: not due until next week; it was not a factor on Tuesday.
- 2027 budget: after a meeting with President Kast and Finance Minister Jorge Quiroz, the governing coalition said spending will grow 1.5%, above the 1% first projected, with the extra spending aimed at the government’s priorities, including security. The bill is due in Congress on Wednesday.
08 What to watch
- Chile’s August data (12.00 pm UTC): unemployment (9.5% expected), retail sales (2.0% year on year expected), industrial and manufacturing output and copper production from the INE
- 2027 budget bill: the government is due to send the budget to Congress on Wednesday, with spending growth of 1.5%
- China PMIs (released overnight): the official NBS manufacturing PMI rose to 50.1 in September from 49.8, in line with forecasts, a key read for copper demand
- US data: ADP payrolls, August PCE prices, the final second-quarter GDP estimate and the Chicago PMI
- Centinela: whether mediation at Antofagasta Minerals’ mine avoids a strike
- Thursday: Chile’s August economic activity index (Imacec), expected at −0.4% year on year
Background: Chile’s Market Shuts for Fiestas Patrias as the Peso Ends the Week Weaker.
Frequently Asked Questions
What is the S&P IPSA?
It is the benchmark stock index of Chile’s Santiago exchange, tracking the most liquid shares in the country.
Why did Chilean stocks fall?
A stronger US dollar and a weaker peso hit large banking and consumer shares, pulling the IPSA down 0.73% to 11,055.91, its fourth straight loss.
What does USD/CLP tell me?
It is the exchange rate — how many Chilean pesos you need to buy one US dollar. A higher number means the peso is weaker.
Is the peso really at a one-year low?
Yes. At 972.98 per US dollar, the peso closed at its weakest in more than a year; the 52-week range for USD/CLP is 851.68 to 972.98.
Source: RT live market data, close of Tuesday 29 September 2026; exchange figures from Bolsa de Santiago.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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