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Parque Arauco Gains in Chile as Santander Calls Top Pick

Oct. 18 (Bloomberg) -- Parque Arauco SA, a Chilean shopping-mall developer, posted its biggest weekly gain in a month after Banco Santander SA named it a top pick because of growing consumer demand and an attractive valuation.

Parque Arauco’s shares have climbed 2.2 percent this week, the most since the week ended Sept. 6. Today they rose 0.2 percent to 976.85 pesos at the close in Santiago. Chile’s benchmark IPSA index gained 0.7 percent.

Santander increased its estimate for this year’s private-consumption growth in Chile to 6.3 percent from 5.2 percent, according to an e-mailed note to clients dated today. Parque Arauco’s plan to sell 115 billion pesos ($230 million) in new shares sent the stock price tumbling by 9.1 percent from Sept. 26 to Oct. 1 and turned it into an attractive investment, according to Rodrigo Ordonez, an analyst at Santander.

“At this price, and considering that they will surely use the capital increase for growth plans, we like the stock,” he said in a phone interview from Santiago.

Parque Arauco, based in Santiago, is Chile’s third-largest shopping-mall developer and operator. The largest are Cencosud SA and Plaza SA, a unit of SACI Falabella.

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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