Chilean Stocks: Banco de Chile, Cap and Soquimich Retreat

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 fell 1.9 percent to 4,183.91. The MSCI Chile index retreated 3.4 percent to 2,260.76.

Banco de Chile (CHILE CC) fell 2.5 percent to 71.09 pesos. Chile’s second-largest lender retreated in line with global markets, which fell on concern the U.S. government will be forced to submit to $1.2 trillion in automatic spending cuts if lawmakers fail to agree on a deficit plan.

Cap SA (CAP CC) dropped 3 percent to 18,201 pesos, the steepest decline in seven weeks. Chile’s largest steel producer and iron miner retreated in line with the price of base metals which fell on signs U.S. lawmakers will fail to agree on cutting the budget deficit.

Soc. Quimica & Minera de Chile SA (SQM/B CC) lost 0.2 percent to 28,903 pesos. Chile’s largest fertilizer producer retreated in line with the price of agricultural commodities, which signals lower demand for the company’s products. Taiwan’s Simbalik Group plans to compete with Soquimich in Chile’s lithium mining sector, Diario Financiero reported today.