Chile stocks post tepid gains, peso firms slightly

Tue May 12, 2009 10:44pm BST
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(Updates with market close)

By Alexia Vlahos

SANTIAGO, May 12 (Reuters) - Chilean shares closed higher on Tuesday, buoyed by energy-related stocks, while the peso ended firmer, traders said.

The IPSA .IPSA blue-chip share index closed 0.24 percent higher at 2,932.73 points, while the all-market IGPA index .IGPA ended 0.31 percent firmer at 13,855.67 points. The IPSA is now up 23.4 percent so far in the year-to-date.

"The market has been moving independently. What has happened, particularly these past few days, is that volumes have been stronger and many AFPs (private pension funds) have taken positions," said Felipe Cruz, a trader at the CorpCapital brokerage.

Regional energy group Enersis ENE.SN rose 2.46 percent to 181.82 pesos a share, while electricity generator Endesa Chile END.SN firmed 1.78 percent to 795.56 pesos.

Industrial conglomerate Copec COP.SN, the most heavily weighted share on the bourse, edged up 0.33 percent to 6,602 pesos.

On the foreign exchange market, the Chilean peso CLP=CL closed 0.09 percent firmer at 568.10/568.40 per U.S. dollar compared with Monday's close at 568.60/569.10.

"The peso lost most of its earlier gains due to a turnaround in (global) stock markets, which started falling," said one currency dealer.

The peso is up 12.8 percent against the dollar year-to-date after slumping 22.3 percent in 2008.

 
 
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