Javascript is disabled in your web browser.
Please, to view this site correctly,
enable javascript.
For instructions to enable javascript
In your browser, click here.
The good session of the Santiago Stock Exchange stood out this Wednesday in the stock markets, mainly because a range of investors rushed to buy SQM shares, taking advantage of a discount and betting on an expected recovery in lithium prices.
The S&P IPSA rose 1.56% to 6,512.13 points. The action of SQM-B (7.07%) resurfaced with its biggest daily advance since November 13, 2023 and had the best performance on the Stock Marketafter yesterday it remained at minimum levels since April 2022 and with a market cap lower than that of Banco de Chile.
It was a positive day for the majority: only five of the 29 IPSA stocks fell. No other Latin American stock index had a performance similar to that of the Chilean selective.
On Wall Street, the Nasdaq Composite rose 0.49%, the S&P 500 gained 0.16% and the Dow Jones was unchanged, avoiding falls despite a general rebound in credit costs. Agents are paying attention to the GDP and inflation data that will be published this week in the United States.
Empresas Copec places a nine-year bond for almost US$ 50 million and highlights a favorable response from the local market
Why did SQM rise?
“We have seen a very significant increase in companies of commodities such as SQM, CMPC and Copec. “Basically we are seeing some rebound from yesterday’s declines.”said to D.F. the deputy manager of studies at Bci Corredores de Bolsa, Marcelo Catalán. “There was no valuation that could withstand such a low SQM price”he assured.
According to Jorge Tolosa, variable income operator at Vector Capital, SQM’s rebound was supported by the expectation of recovery of lithium prices to levels between US$ 18 thousand and US$ 20 thousand per ton. All this, mediating a normalization in the inventories of the commodityas a result of plant closures and decreased production, according to a recent Citi report.
And for him portfolio manager of Chilean Shares in Zurich AGF, José Agustín Cristi, “the good performance of the stock market is due to the fact that from China, Lithium producing companies announced a stoppage in their operations due to maintenancewhich generates a decrease in its supply, so the price of said commodity increased significantly.”
