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.
Chile shone this Monday in the stock markets due to a convergence of factors: SQM benefited from the preliminary regulatory approval that Tesla obtained in China, the rise in pulp prices boosted the main companies in the sector and Falabella also collected the certainties left by Mallplaza’s capital increase.
The S&P IPSA rose 2.47% to 6,551.33 points (preliminary), marking its biggest increase since November 3. It was a buoyant session where Enel Chile (5.75%), SQM-B (4.86%), Copec (4.58%) and Falabella (4.01%) saw the biggest increases within the index, with the last three companies being highly internally weighted. Only two of the 29 IPSA stocks fell.
“Global investors are placing purchase orders during the day to have exposure to the local market, through the Chile ETFand the market makers They have to go out and buy all the underlying assets,” he told D.F. the general manager of BTG Pactual Corredores de Bolsa, Hugo Rubio.
At the close of the New York Stock Exchange, the Dow Jones rose 0.38%, the S&P 500 gained 0.28% and the Nasdaq Composite rose 0.35%. The Federal Reserve will begin its monetary policy meeting tomorrow, Tuesday, and will end on Wednesday, May 1, the day the Chilean market will be closed for Workers’ Day.
Dollar deepens its fall below $940 in the early afternoon as copper approaches US$4.7 per pound
The milestones of the day
Rubio explained that the movements “they continue the positive trend we had early in Asia”considering that also “the dollar is weakening, something that helps confidence in emerging markets,” and in particular in the case of Chile, copper does not stop rising. He added that the exuberance of the sector commodities answers Tesla (15.31%)while pulp companies benefit from the rise of this basic product.
Specifically, Tesla achieved a preliminary approval from the Chinese regulator to implement its driver assistance systems in the Asian countrywhere Elon Musk paid a quick visit this weekend.
The Falabella case would have largely responded to the approval of the capital increase of Mallplaza (0.97%) to acquire the Peruvian assets of its controller. “Falabella sells an asset and raises cash, and on the other hand it benefits from Mallplaza’s capital increase. It dilutes a part of its participation without losing control, and consolidates a much healthier asset financially,” explained Vector Capital variable income operator, Jorge Tolosa.
He pointed out that this occurred in a month where the Chilean stock market has been severely punished by tensions in the Middle East, giving arguments for the purchase due to a reassessment of the fundamentals of local assets.
In the Asian squares, Mainland China’s CSI 300 rose 1.11% and Hong Kong’s Hang Seng gained 0.54%. Both indices accumulate monthly advances of 2.44% and 7.29%, respectively, a sign that the decline in Chinese equities could be beginning to be behind us.
