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Chilean Stocks: Cap, Corpbanca, Socovesa and Paz Corp Gain

The following companies are having unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 11:31 a.m. in Santiago.

The Ipsa index rose 1.7 percent to 4,006.92. The MSCI Chile (MXCL) index gained 3.4 percent to 2,256.78.

Cap SA (CAP) , Chile’s largest steel producer and iron miner, increased 3.6 percent to 16,970 pesos for its fifth straight day of gains. Shares advanced in line with global base metal prices, which jumped on signs of steady demand for metals from Asia.

Corpbanca (CORPBANC CC), Chile’s sixth-largest lender by assets, advanced 1.7 percent to 6.79 pesos, its highest price in five weeks on a closing basis. Corpgroup Banking SA, the holding company of local businessman Alvaro Saieh and Corpbanca’s controller, is in talks to acquire Colombian brokerage firm Correval SA, Diario Financiero wrote.

Socovesa SA (SOCOVESA CC), Chile’s largest publicly traded home builder by sales, rose 8.8 percent to 185 pesos, its highest price in a month. Chilean economists expect the central bank to reduce its benchmark interest rate to 5 percent in December, the first cut in more than two years, according to a monthly survey posted today on the central bank’s website.

Paz Corp SA (PAZ) , the country’s second-largest publicly traded home builder by sales, jumped 12 percent to 227 pesos for its fourth day of gains.

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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