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Falabella Gains in Santiago on Raised MSCI Weighting

SACI Falabella, Chile’s largest retailer by market value, rose the most in a month after its weighting increased in an index that fund managers follow as a benchmark and as Grupo BTG Pactual maintained a buy rating.

The shares advanced 2.7 percent to 5,475 pesos at 3:40 p.m. in Santiago, the biggest gain on a closing basis since April 16. Volume was four times the average of the past three months. The Ipsa index fell 0.3 percent.

“We expect margin recovery, store maturation and a still strong consumption environment in Chile and Peru to drive double-digit earnings growth in 2013,” BTG Pactual analysts Alonso Aramburu and Mauricio Restrepo said in a research note, which reiterated their buy recommendation.

Santiago-based Falabella’s weighting increased to 0.95 percent in the MSCI Latin America index. The boost should lead to “buying pressure” from funds that track the index, Banco Santander SA analysts Stefano Rizzi and Jesus Gomez said in an e-mailed research note to clients today. Falabella previously had a weighting of 0.67 percent, according to data compiled by Bloomberg.

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