Chilean Stocks: CMPC, Enersis and Salfacorp Gain; CGE Retreats

The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 3:12 p.m. New York time.

The Ipsa index rose 0.5 percent to 4,073.22. The MSCI Chile (MXCL) index gained 0.2 percent to 2,385.08.

Cia. General de Electricidad SA (CGE CC) fell 1.1 percent to 2,226.2 pesos. The energy holding company had its credit rating cut by Fitch Ratings to “BBB-” from “BBB,” according to a press release published yesterday.

Empresas CMPC SA (CMPC) advanced 0.1 percent to 18,359 pesos while volume reached twice the average of the last three months. The nation’s second-largest pulp exporter received environmental approval for the expansion of one of its plants in southern Chile. The company will invest $95 million to increase production at its plant in Malleco to 550,000 cubic meters per year from 300,000 cubic meters.

Enersis SA (ENERSIS) gained 2.1 percent to 178.62 pesos. The Latin American unit of Spain’s Endesa SA was included in the portfolio of five favorite Chilean stocks at the brokerage unit of local lender Banco de Credito & Inversiones.

Salfacorp SA (SALFACOR CC), Chile’s largest engineering and construction company, rose 5 percent to 1,400 pesos. Chile’s monthly construction activity index, known as Imacon, increased 8.2 percent in July from a year earlier, the country’s Chamber of Construction wrote in an e-mailed statement.

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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