Bloomberg News

Chilean Stocks: Empresas Copec, Hites Fall; CFR, E-CL Advance

January 02, 2012

Jan. 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 0.5 percent to 4,158.06. The MSCI Chile index dropped 0.6 percent to 2,255.10.

CFR Pharmaceuticals SA (CFR CC) advanced 2.3 percent to 124.9 pesos, ending a four-day losing streak. The drug developer was included in the Ipsa benchmark index in 2012.

E-CL SA (ECL CC) rose for a sixth day, climbing 0.9 percent to 1,393 pesos. Northern Chile’s largest power generator was included in the Ipsa benchmark index. Santiago-based brokerage Euroamerica Corredores de Bolsa SA initiated coverage of the company with a “buy” recommendation.

Empresas Copec SA (COPEC CC) retreated 1.8 percent to 6,815.7 pesos, the steepest drop in four weeks. Chile’s biggest publicly traded company by sales fell the most in four weeks after a fire destroyed one of its plywood plants and halted operations at pulp-producing and milling operations.

Empresas Hites SA (HITES CC) fell 5.4 percent, the most in three months, to 305.77 pesos. The department-store operator was cut from the Ipsa. Santiago-based brokerage Celfin Capital SA also lowered its target price for the company to 360 pesos from 764 pesos, it said in an e-mailed note to clients.

--Editor: Brendan Walsh, James Attwood.

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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