Bloomberg News

Chilean Stocks: Cap, CMPC, Copec and Lan Decline; Vapores Gains

October 04, 2011

Oct. 4 (Bloomberg) -- The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 3:17 p.m. New York time.

The Ipsa index fell 4.2 percent to 3,606.31. The MSCI Chile index retreated 5.9 percent to 1,903.72.

Cap SA (CAP CC) dropped 6.5 percent to 14,255 pesos, the lowest price since December 2009. Chile’s largest iron miner and steel producer slumped along with industrial metal prices amid concern that demand may weaken as a worsening European sovereign-debt crisis saps economic growth.

Cia. Sud Americana de Vapores SA (VAPORES CC) rose 6.4 percent to 125.81 pesos, the most in almost four months. Latin America’s largest container shipping company gained as investors bought the stock to have the right to participate in a planned stock sale.

Empresas CMPC SA (CMPC CC) fell 4.6 percent to 1,601.4 pesos, its lowest price since Sept. 15, 2009. Chile’s second- largest pulp exporter had its price target cut to 1,900 pesos from 2,150 pesos at Banchile-Citi, the joint research department of Banco de Chile and Citigroup Inc.

Empresas Copec SA (COPEC CC) fell for a third day, slumping 3.2 percent to 5,823.9 pesos. Chile’s biggest pulp exporter declined along with weekly pulp prices released today. The BHKP pulp index fell 3.5 percent, the most since December 2008, according to data compiled by Bloomberg.

Lan Airlines SA (LAN CC) slid 4.5 percent to 10,055 pesos. Lan will push ahead with its acquisition of Brazil’s Tam SA as it appeals to Chile’s Supreme Court to overturn some restrictions antitrust authorities imposed on the $2.7 billion transaction, the two airlines wrote in an e-mailed statement today.

--Editors: Glenn J. Kalinoski, Brendan Walsh

To contact the reporters on this story: James Attwood in Santiago at jattwood3@bloomberg.net; Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus