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.
Key Facts
— 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.
Live Market IntelligenceChile — Live Market Board
Rio Times · Live Market Intelligence
Chile — Live Market Board
-1.14%
185,147.15
-0.02%
64,866.61
-0.87%
11,315.26
-1.14%
3,049,121
-0.29%
2,544.56
+0.40%
59,978.22
-0.31%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 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 |
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
Key Facts
— 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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