Chile Stock Market Crashes 2.29% as 200-Day Line Breaks on Hot US PPI
The S&P IPSA fell 2.29% to 10,396.50 on Wednesday May 13, 2026 — the worst session since late February. The index closed at the session low after hot US April PPI extended Tuesday’s curve-steepening trade. Critically, the IPSA broke decisively below the 200-day SMA at 10,718 — Tuesday’s decisive level. The trendline at 10,029 is now the final structural support, 3.5% below.
The Big Three
The S&P IPSA fell 2.29% (−244.16 points) to 10,396.50 — the worst session since late February. Intraday range 10,392.31 to 10,645.96, close at session low. The index broke decisively below the 200-day SMA at 10,718 that defined the post-Kast election uptrend. The IPSA is now 11.3% below the January ATH at 11,721.
The driver was the hot US April PPI per Diario Financiero, extending Tuesday’s CPI-driven curve steepening. SQM-B led the decline at −4.5% intraday on global lithium selling. Falabella, Cencosud, and Latam — Middle East-conflict-sensitive names — followed lower. The IPSA closed at five-week lows for the second consecutive session.
The technical structure has decisively broken. MACD histogram −1.62 with line −70.98 vs signal −69.36 — bearish crossover confirmed. RSI fast 35.62, slow 47.06, both below 50. The ascending trendline at 10,029.53 — 3.5% below — is the next significant support. A break opens 9,500.
03 Key Movers
Winners
Defensive utilities absorbed the limited buying. Enel Chile (ENELCHILE) and Engie Chile (ECL) held marginally green on rate-sensitive defensive demand. Aguas Andinas (AGUAS-A) defended its level; Copec (COPEC) caught a relative bid on Brent above US$109. Breadth was extremely narrow.
Losers
SQM-B led at ~−4.5% intraday per Diario Financiero — the heaviest IPSA weight on global lithium selling. Falabella (−1.3%), Cencosud (−1.2%), and Latam Airlines (−0.9%) — Middle East-sensitive names — followed. Mallplaza and Parque Arauco gave back further ground. The bank complex (Banco de Chile, Santander Chile) sold on curve steepening.
Live Market IntelligenceChile — Live Market Board
Rio Times · Live Market Intelligence
Chile — Live Market Board
+0.10%
173,371.35
-0.20%
66,125.27
-0.74%
10,896.87
+0.10%
3,223,652
+0.74%
2,298.34
+0.00%
55,645.90
—
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPSA | 10,896.87 | +0.10% | — | 10,886.14 | 10,897 | 10,767 | 1,513,213,483 |
| USD/CLP | 933.60 | -0.15% | -3.09% | 934.96 | 933.60 | 933.60 | — |
| COPPER | 6.51 | +3.41% | +16.10% | 6.30 | 6.52 | 6.33 | 16,934 |
| SQM-B | 63,400 | -3.13% | +73.22% | 65,450 | 65,200 | 62,912 | 266,287 |
| COPEC | 6,345 | +1.53% | +4.02% | 6,250 | 6,350 | 6,200 | 235,188 |
| BSANTANDER | 78.90 | +2.47% | +37.70% | 77.00 | 78.90 | 75.49 | 86,985,948 |
| FALABELLA | 5,850 | +0.26% | +20.84% | 5,835 | 5,875 | 5,751 | 787,141 |
| ENELAM | 84.67 | +0.75% | -8.12% | 84.04 | 85.00 | 84.01 | 13,000,454 |
| CENCOSUD | 2,005 | +0.50% | -32.83% | 1,995 | 2,005 | 1,983 | 730,250 |
| CMPC | 1,088 | +1.68% | -18.20% | 1,070 | 1,088 | 1,060 | 668,577 |
| BANCO CHILE | 189.95 | +0.77% | +40.18% | 188.50 | 189.95 | 185.01 | 24,480,424 |
| LATAM AIR | 24.36 | -1.62% | +23.65% | 24.76 | 24.92 | 24.10 | 586,678,251 |
| SOUTHERN COPPER | 175.07 | +1.50% | +85.07% | 172.48 | 177.79 | 173.69 | 1,059,634 |
§04 · Market Commentary
Wednesday delivered the deeper-correction outcome Tuesday’s analysis flagged as the bear case. The IPSA broke decisively below the 200-day SMA at 10,718 — the level that defined the post-Kast election uptrend since December 2025. The trigger was hot US April PPI, which followed Tuesday’s hot CPI and pushed Fed-cut odds further out. SQM-B, the heaviest IPSA weight, sold ~4.5% intraday on global lithium flows.
The structural thesis is still intact on paper. Copper above US$4.50/lb supports the supercycle narrative. NovaAndino Litio remains the structural lithium story. Kast’s proposed 27→23% corporate tax cut is the largest domestic re-rating catalyst. But the post-election premium has fully unwound and Chile now trades on global flows. RSI 35.62 is approaching but not at extreme oversold; a clean trendline break opens a 14.4% drawdown from the January ATH.
05 Technical Analysis
The IPSA closed at 10,396 — below the 20-DMA (10,735), 50-DMA (10,732), 200-DMA (10,718), and the entire Ichimoku cloud. The candle is a long red bar with the close at the session low — a textbook breakdown. MACD histogram −1.62, line −70.98 vs signal −69.36; bearish crossover deepened. RSI fast 35.62, slow 47.06. The trendline at 10,029 is the final macro support, 3.5% below.
06 Forward Look
07 Questions & Answers
Verdict
The IPSA enters Thursday at 10,396, having decisively broken the 200-day SMA at 10,718. The trendline at 10,029 — 3.5% below — is the line that decides between deep correction and structural retracement. The structural case remains intact but no longer drives the price. Chile now trades on global flows — US data, Trump-Xi headlines, and BCCh dovishness.
Related: Tuesday’s IPSA at 10,640 · Brazil Ibovespa crash · Argentina Merval capitulation.
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Emerging-market equity markets carry commodity, currency, and political risk. Always consult a licensed financial advisor. Published by The Rio Times.
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