Chile Stocks: Besalco, CFR, Falabella, La Polar Gain; CMPC Falls
The following companies had unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of the close in Santiago.
The Ipsa index rose 0.2 percent to 4,277.39. The MSCI Chile (MXCL) index gained 1.2 percent to 2,433.97.
Besalco SA (BESALCO) jumped 3.1 percent to 773 pesos, its biggest gain in three weeks. Chile’s second-largest listed construction and engineering company posted better-than-expected quarterly profit, Santiago-based brokerage firms Larrain Vial SA and Celfin Capital SA wrote in notes to clients yesterday after the close of trading.
CFR Pharmaceuticals SA (CFR CC) gained 1.9 percent to 117.99 pesos, its highest price in nine weeks. The Chilean drugs producer agreed to pay $14.4 million for a 42 percent stake in Vietnamese pharmaceuticals company Domesco Medical Import Export Joint Stock Corp., according to a statement posted yesterday on the website of Chile’s securities regulator.
Empresas CMPC SA (CMPC) retreated 1.3 percent to 1,950.7 pesos, its second day of losses. Chile’s second-largest pulp exporter posted a 56 percent decline in third-quarter profit.
Empresas La Polar SA (LAPOLAR) jumped 14 percent to 417.17 pesos, its biggest gain in three weeks. The Chilean department store operator that is trying to avert its second bankruptcy in 12 years will meet with bondholders tomorrow and all creditors Nov. 7 to vote on terms of its preventive judicial agreement. Sales have retreated only “slightly” since the company said this year that it engaged in irregular credit practices, Chairman Cesar Barros said in an interview on Chilean television.
SACI Falabella (FALAB) advanced 1 percent to 4,606 pesos. Chile’s largest retailer by market value and the country’s largest publicly listed company was initiated at “outperform” at Raymond James Financial Inc.
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