2024-01-09 21:16:00
With gains, the Chilean stock market overcame a hesitant investment environment on Wall Street on Tuesday, as expectations of lower interest rates motivated stock purchases in the local market, giving special prominence to the retail sector.
At the closing of the Santiago Stock Exchange, the S&P IPSA rose 0.85% to 6,107.72 pointscon Latam (4.59%), Cencosud (3.96%) and Falabella (3.62%) leading index gains. The first reached new highs today since its exit from Chapter 11, prolonging its strong rise yesterday.
Two hours later, at the close of New York, The Dow Jones fell 0.42%, the S&P 500 fell 0.15% and the Nasdaq was flat. Shares came under pressure after the South Korean Samsung (-2,35%) will disappoint with the preliminary figures of its operational results on the Asian day.
Added to this are fears that Investors have exaggerated their expectations of an early interest rate cut by the Federal Reservewhich drove the strong rally from the end of 2023.
World Bank maintains its forecast that the Chilean economy will grow 1.8% in 2024
Rate scenario
The IPSA saw better performance relative to Wall Street and also its Latin American peers. This came hand in hand with a decrease in rates swapdue to the forecast that the Central Bank of Chile will be pushed to further relax financial conditions to address a scenario of lower inflation, after the surprise decline in the CPI in December.
“Without a doubt this scenario (of interest rates) is good for consumption, which has been down in this adjustment process. And it has been reflected in the rise of important companies in the retail“said to DF the equity analyst at MBI Corredores de Bolsa, Horacio Herrera. However, “we must monitor what happens with the exchange rate in the coming days, because has depreciated with some force”he warned.
“We estimate that the rise evidenced by the IPSA today is related to the nomination of Claudio Soto Gamboa as new director for the Central Bankconsidering his statements’dovish‘ or more aggressive in terms of the speed with which he has estimated that the rate should have been lowered,” wrote Renta4’s studies manager, Guillermo Araya.
Outside of IPSA, The Polar (17.31%) led the advances, although driven by flows of only $176 million. Analysts consulted pointed out that the rise in retailer It came amid speculation about the final status of his merger with AD Retail.
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