Do More With Reuters

Chile stocks slip on weak growth data, oil; peso firms

Wed May 7, 2008 2:38am IST
 
Email | Print | | Single Page
[-] Text [+]

(Adds quote, details, closing stock figures)

SANTIAGO, May 6 (Reuters) - Chilean stocks closed lower for a second day on Tuesday, after oil prices hit record highs and following weak local growth data.

Chile's peso gained as the dollar retreated from a two-month high.

On the stock exchange, the all-market IGPA index .IGPA retreated 0.60 percent to 13,883.35 points, while the blue-chip IPSA index .IPSA fell 0.73 percent to 2,957.49 points.

"Domestic growth data was weak and foreign investors have been getting rid of retail," said Marcelo Ogaz. "And with oil at historic highs airlines worldwide are falling."

March economic growth reported on Monday fell to 0.7 percent year on year, well below expectations, while oil prices touched new all-time highs on Tuesday.

Transport company losses included LAN Airlines LAN.SN down 2.35 percent, and shipper Vapores VAP.SN closing 2.5 percent lower.

Drinks bottler Andina AND_pb.SN, down 2.54 percent, and department store chain Ripley RIP.SN falling 1.65 percent led declines among consumer stocks.

Paper and wood pulp producer CMPC CAR.SN saw its shares retreat 2.04 percent.  Continued...

 
Photo

Catch the latest news, pictures, stats and live race commentary on our special Formula 1 page.  Full Coverage 

Photo

Record oil prices, rising inflation and political uncertainty is spooking investors and the markets. Track the latest on our markets page.  Full Coverage 

Photo

Catch the latest as India acts to quash inflation and guard food supplies.   Full Coverage 

Photo

India and South Asia market Technical Analysis with Phil Smith

REUTERS POLL

What concerns you more:
Nuclear deal
Price rise
Indian cricket team's performance
Symbol Bid Ask
BRENT CRUDE $0.00 $0.00
GOLD $0.00 $0.00
SILVER $0.00 $0.00