Falabella Record High Tops SQM on Friday

CHILE · MARKETS

The Falabella record high came on Friday 16 October 2026, with shares closing at 6,824.9 pesos (about US$6.94) on the Santiago stock exchange. That lifted the retailer’s market value to US$17.394 billion, just above lithium producer SQM at US$16.854 billion, Diario Financiero reported.

For US readers, it reorders two Chilean names: a retailer lifted by a credit upgrade and a lithium miner listed in New York. Fitch Ratings raised Falabella to BBB from BBB- on Wednesday 14 October, a decision we covered in Fitch Upgrades Chile Retail Giant Falabella.

Falabella now ranks second by market value on the IPSA, Chile’s main share index, behind Banco de Chile at US$19.671 billion. SQM, short for Sociedad Química y Minera de Chile, is one of the world’s largest lithium producers and pumps its brine from the Atacama salt flat.

How the Falabella Record High Happened

The shares rose 3.17% on Friday to close at 6,824.9 pesos (about US$6.94), above the previous record of 6,800 pesos (about US$6.91) set on 3 February. Diario Financiero said the stock led the day’s gains on the IPSA.

Since late September, when the stock traded around 6,150 pesos (about US$6.25), the price is up about 11%. That is our arithmetic on the two prices the newspaper gave.

Falabella was the second most traded stock in Santiago on Friday, with 21.343 billion pesos (about US$21.7 million) changing hands. Only SQM traded more, at 23.803 billion pesos (about US$24.2 million).

The wider market barely moved on the day. Diario Estrategia, a Chilean business daily, put the IPSA down 0.01% on Friday and 0.66% on the week.

Peso amounts in this article are converted at the Central Bank of Chile’s observed dollar rate for Friday 16 October 2026, which was 984.09 to US$1. Market values quoted in dollars come directly from the newspaper.

RT

Ask Rio Times

17 years of Latin America reporting, on demand.

Ask

Open the full Ask Rio Times →

RTAsk Rio TimesCost of living, safety, visas across Latin America›

Falabella Passes SQM in Market Value

At Friday’s close Falabella was worth US$17.394 billion and SQM US$16.854 billion, a gap of about US$540 million, or roughly 3% of SQM’s value. Peru Retail, a trade publication, repeated the same figures a day later.

Banco de Chile, a leading Chilean bank, led the list at US$19.671 billion. Falabella sits US$2.277 billion behind it on our subtraction.

SQM was the most valuable company on the exchange as recently as May. La Tercera, a Santiago daily, put its market value at US$26.17 billion on 13 May, against US$17.65 billion for Banco de Chile.

On those two readings SQM’s value is about 36% lower, though the figures come from different newspapers and dates. None of the sources we opened explains why SQM fell.

This is not the first time Falabella has passed SQM. Diario Financiero reported on 8 April 2025 that it did so for the first time since 1 October 2020, during a broad sell-off, so the new feature is the record share price alongside the overtaking.

Why Falabella Shares Rose

Diario Financiero tied the jump to the Fitch upgrade two days earlier, which raised the group’s long-term foreign and local currency rating to BBB from BBB- with a stable outlook. BBB- is the lowest investment grade, so the move puts Falabella two steps above junk instead of one.

La Tercera said Fitch also lifted Falabella and its Sodimac home-improvement chain to AA(cl) from AA-(cl) on Chile’s national scale. It reported that Fitch pointed to a stronger business profile, better margins, more cash and lower debt.

Falabella chief executive Alejandro González Dale called the upgrade a recognition of consistent execution and higher profitability. The company said net profit was US$897 million in 2025 excluding a fair-value accounting effect, and US$497 million in the first half of 2026, up 17.9%.

The Falabella record high also follows a long run of share sales by former controllers. La Tercera reported on 31 August that former members of Falabella’s controlling pact had sold about 2.88% of the company in 2026 for 464.749 billion pesos (about US$472 million), after the pact ended on 1 July 2025.

Those sales put more shares in the hands of outside investors. Our earlier report Chile’s Falabella Founders Keep Selling Down Their Stake covers that story.

What It Means for You

For US investors, the Falabella record high shows how a credit upgrade can reach a share price within two sessions. Bond funds that need an investment-grade rating now have a wider cushion above the BBB- floor.

Falabella shares are priced in pesos, so a dollar-based holder carries currency risk on top of stock risk. Our Investing in Chile as a Foreigner: Rules, Rates and Registration guide explains how foreigners reach the exchange.

For travellers and residents, the group runs the Falabella department stores and Sodimac home-improvement stores seen across Chile, and the record has no direct effect on shop prices. Our Santiago expat city guide and our Chile coverage cover everyday costs and the wider economy.

The Falabella record high and the new ranking can flip again within days, because they follow daily prices and a gap of about 3% is small. Our Chile Stocks End Flat as Falabella Adds 3.2% report has the day’s market numbers.

What Is Not Known

We could not open the official Santiago exchange data, so the record, the closing price and the market values rest on Diario Financiero. Peru Retail repeats the same numbers, which means it is not an independent count.

The sources do not say why SQM lost value, how Diario Financiero calculated each market value, or whether it counted every share class. They also do not show how much of Friday’s jump came from the Fitch upgrade rather than other buyers.

It is not known whether Falabella will hold the lead when trading resumes on Monday 19 October. A record close is a single day’s price, and a small move in either stock can reverse the order.

Frequently Asked Questions

What did Falabella shares do on Friday 16 October?

They rose 3.17% to close at 6,824.9 pesos (about US$6.94), a record. The previous high was 6,800 pesos (about US$6.91) on 3 February.

How much is Falabella worth compared with SQM?

Falabella closed at US$17.394 billion in market value against US$16.854 billion for SQM. That is a gap of about US$540 million.

Why did Falabella shares jump?

Diario Financiero linked the rise to Fitch raising the group’s rating to BBB from BBB- on Wednesday 14 October. Fitch cited lower debt, better margins and more cash.

Is Falabella bigger than Banco de Chile?

No, Banco de Chile was worth US$19.671 billion at Friday’s close. Falabella is second on the IPSA by market value.

Does this affect US investors?

It matters most to holders of Chilean shares and bonds, who face peso currency risk as well as stock risk. The investment-grade upgrade also widens the cushion for bond funds.

Sources: Diario Financiero, 16 October 2026; Perú Retail, 17 October 2026; Diario Estrategia, 16 October 2026; La Tercera, 14 October 2026; La Tercera, 13 May 2026; La Tercera, 31 August 2026; Diario Financiero, 8 April 2025; Central Bank of Chile, observed dollar.

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