Bloomberg News

Chilean Stocks: Lan, Socovesa Fall; Empresas La Polar Advances

November 02, 2011

Nov. 2 (Bloomberg) -- The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of the close in Santiago.

The Ipsa index fell 1.3 percent to 4,270.96. The MSCI Chile index retreated 3.4 percent to 2,404.52. Markets were closed Oct. 31 and yesterday for national holidays.

Lan Airlines SA (LAN CC) lost 2.5 percent to 12,310 pesos, the steepest fall in four weeks. Latin America’s largest airline by market value was initiated yesterday at Barclays Capital with an “underweight” rating, according to an e-mailed note to clients.

Empresas La Polar SA (LAPOLAR CC) rose 12 percent to 364.63 pesos, its biggest gain in three weeks. The Chilean retailer that is trying to avert its second bankruptcy in 12 years will meet with bondholders Nov. 4 to discuss details of a debt restructuring. The stock fell 12 percent on Oct. 28 after it disclosed losses of 409 billion pesos in the first seven months of the year.

Socovesa SA (SOCOVESA CC) fell 3.2 percent to 229.32 pesos. Chile’s largest listed home-builder caught up with yesterday’s decline in international markets, after Greece called a referendum and a parliamentary confidence vote, potentially derailing bailout efforts.

--Editors: Marie-France Han, Richard Richtmyer

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

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


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