Chile’s IPSA index makes record gains

In Chile on Thursday, the IPSA blue-chip index gained 1.01 percent to achieve a new record high of 2,177.52. The broader IGPA also set a new record, gaining 0.39 percent to close at 9,923.66.

Analysts attributed the gains to better than expected quarterly reports already announced and anticipation of more good results yet to be revealed. Specialty fertilizer Soquimich (SQM) was up 2.74 percent on the day to 6,970 pesos per share.

SQM is the top company trading on the IPSA this year, having gained over 100 percent in the value of its shares. In addition, five other stocks on the IPSA were up more than 2 percent on the day, including two retailers, a brewer, a steel maker and a company that makes copper cable.

Meanwhile, the peso was up 0.9 percent in relation to the US dollar, closing at 562.80/563.30 pesos to the dollar. According to an analyst, the weakening dollar and high copper prices internationally have favored the peso recently.

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