Chile’s main index continues its bullish streak and aims for a fourth consecutive record.
European markets remained closed for the Easter holidays, as did the Hong Kong stock exchange.
The best economic data both in Chile and China have given renewed impetus to the chilean stock market.
Stock purchases continue on Monday in Chile, and the Santiago Stock Exchange is currently aiming for a fourth consecutive historical high. Meanwhile, in the United States, stock indices are declining following the recent release of business confidence and personal consumption data.
The S&P IPSA is up 0.35% at 6,667.25 points in early afternoon trading, led by Entel (3.28%), Cencoshopp (2.99%), Quiñenco (1.88%), CAP (1.85%), and SQM-B (1.68%). It reached an intraday historical high of 6,705.61 points earlier in the day, but the momentum has moderated. The IPSA recorded a third consecutive historical high on Thursday and an unprecedented streak of quarterly gains.
The situation is different on Wall Street, where the Dow Jones is down 0.65%, the S&P 500 is down 0.32%, and the Nasdaq Composite is trading flat (they have also set records in recent days), while interest rates have risen by up to 12.6 basis points (bp) on the Treasury bond yield curve following a solid report on US manufacturing activity.
The IPSA rally is mainly explained by a recovery from the “excessive punishment” that weighed on the Chilean stock market since the pandemic, along with the prospects of economic recovery in the country.
Published this morning, the February Imacec exceeded general analysts’ forecasts. “For the growth of 2024, we are already talking about a range between 2% and 3%. This dynamic is also influencing the behavior of stocks,” Tolosa said.
He also pointed to the improved economic outlook for China, as evidenced by the positive signals from the latest business confidence surveys, which have boosted commodities such as iron and copper.
European markets remained closed for the Easter holidays, as did the Hong Kong stock exchange.
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