Chilean Stocks: Falabella, Gener, Molymet Gain; Cap and Lan Fall
The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 4:33 p.m. New York time.
The Ipsa index fell 0.2 percent to 4,620.54.
AES Gener SA (GENER) , Chile’s second-largest power generator by installed capacity, rose 0.4 percent to 281.61 pesos. The unit of Arlington, Virginia-based AES Corp. may post a 63 percent increase in second-quarter profits, Santiago-based brokerage firm Celfin Capital SA wrote today in an e-mailed note to clients.
Cap SA (CAP) fell 1.9 percent to 21,622 pesos. Chile’s largest steelmaker and iron miner dropped in line with the price of base metals, which retreated on concern the U.S. may default after lawmakers failed to agree on raising the debt ceiling.
Lan Airlines SA (LAN) fell 0.1 percent to 13,148 pesos. Latin America’s largest airline by market value is expected to report “relatively weak margins” for the second quarter due to higher oil prices, the integration of Colombian carrier Aires and a volcano eruption in southern Chile, Bank of America Corp. analysts Sara Delfim and Robert Otero wrote today in a note to clients. Lan will report results tomorrow after the market closes.
Molibdenos & Metales SA (MOLYMET CC) rose 2.7 percent to 8,951.1 pesos, the biggest gain since July 15. The world’s largest molybdenum processor was initiated at “buy” at Santiago-based brokerage IM Trust SA Corredores de Bolsa.
SACI Falabella (FALAB) rose 2.2 percent to 4,730.7 pesos for the biggest gain in two weeks. The country’s largest retailer by market value led advances in the industry “as its current price represents a buying opportunity and it should expect strong second-quarter results,” Gustavo Fingeret, an analyst at Santiago-based brokerage Celfin Capital SA, said in a phone interview today.
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