Corpbanca added 1.7 percent in Santiago trading to 6.901 pesos at 4:18 p.m. New York time, the highest level since July 29. About 5.3 billion pesos ($11.4 million) of shares changed hands, more than five times its average of the past three months.
“Investors that use the indexes as benchmarks are buying the stock,” German Guerrero, a partner at Santiago-based brokerage firm MBI Corredores de Bolsa SA, said today in an e- mailed response to questions.
The weight for Corpbanca in the MSCI Chile (MXCL) index will rise to 2.2 percent beginning Sept. 1 from 1.7 percent, Reema Dutt, an official at Abernathy Macgregor, MSCI’s external press relations office, said in an e-mailed response to questions.
In the MSCI Latin America index, the bank’s weighting will rise to 0.16 percent, according to an e-mailed note from Banco Santander SA dated today.
The changes will feed demand for Corpbanca shares, Banco Santander analyst Stefano Rizzi wrote in a note to clients.
Other stocks with “buying pressure” due to higher weighting in the index will be Corporacion Financiera Colombiana SA, a Colombian financial group, Grupo Televisa SA, the world’s largest Spanish-language broadcaster, America Movil SAB, the Mexican wireless telecommunications company, and MMX Mineracao e Metalicos SA (MMXM3), the iron-ore producer controlled by Brazilian billionaire Eike Batista, Rizzi wrote.
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