BCI Gains in Santiago as IM Adds to List of Top Stocks
Banco de Credito & Inversiones, Chile’s fourth-biggest bank, rose to seven-month high as brokerage firm IM Trust included the lender in a list of favorite stocks.
BCI advanced 3 percent to 32,800 pesos at 4:30 p.m. in Santiago after earlier rising as much as 3.4 percent to the highest intraday level since May 7. The country’s benchmark Ipsa index fell 0.3 percent.
IM Trust, Chile’s sixth-biggest brokerage by value of traded stocks, added BCI to its list of 10 favorite Chilean stocks for December, according to a note to clients today.
“Valuation for the bank remains attractive versus its peer group,” the report said.
The company’s stock price is 13.7 times expected profits for this year, compared with 14.8 for both Banco de Chile and Banco Santander Chile, the country’s two biggest lenders, according to data compiled by Bloomberg.
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