Banks, commodity shares boost Chile bourse, peso up

Tue Jun 9, 2009 10:31pm BST
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(Updates with bourse close)

By Alexia Vlahos

SANTIAGO, June 9 (Reuters) - Chilean stocks closed firmer on Tuesday, as gains in bank and commodity shares helped offset a bout of profit-taking after recent gains, while the peso closed firmer, traders said.

The blue-chip IPSA index .IPSA closed 0.48 percent firmer at 3,215.55 points, preliminary closing data showed, while the all-market IGPA index .IGPA rose 0.4 percent to 15,271.41 points. The bourse on Friday closed at its highest level since December 2007, but has since pulled back slightly.

The IPSA, which is up 35.3 percent year-to-date, rose around 16 percent in May, when it posted its biggest gain in a single month since January 1994.

"The bank sector has been helping the bourse rise today," said Jorge Selaive, head of research with the BCI brokerage.

Roberto Guzman, head of investment at the FIT Research brokerage in Santiago, cited gains in commodity shares.

Soquimich SQM_pb.SN, Chile's leading exporter of fertilizer and one of the world's biggest producers of iodine and lithium, was among the most heavily-traded stocks, rose 3.55 percent to 21,413 pesos.

Shares in Steelmaker CAP CAP.SN rose 2.19 percent to 14,185 pesos a share, while shares in investment house Oro Blanco ORO.SN, which indirectly holds a controlling stake in Soquimich, closed 1.24 percent firmer at 9 pesos each after a brokerage auctioned a stake of $259 million worth of shares.  Continued...

 
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