Chile market gains on commodity shares, peso down
SANTIAGO, Sept 8 (Reuters) - Chilean stocks advanced on Wednesday sparked by a jump in commodities shares, while the peso closed slightly weaker on rising demand for the U.S. dollar, traders said.
Chile's blue-chip IPSA stock index .IPSA traded up 0.88 percent to 3,226.72 points while the all-market IGPA .IGPA traded 0.67 percent higher to 15,268.79.
The peso CLP=CL closed at 553.00/553.50 per dollar, 0.14 percent lower compared to Tuesday's close of 552.20/552.50.
Chile's currency has risen 15.91 percent against the dollar so far this year after slumping 22.3 percent in 2008.
"The markets are being pulled by commodities, locally that includes Copec, CAP and Soquimich," said Roberto Guzman, head of investment for FIT Research brokerage. "We should also remember that yesterday Citi group gave a recommendation to buy Soquimich."
Soquimich, SQM_pb.SN Chile's leading exporter of fertilizer, was up 0.16 percent to 19,503 pesos per share.
Chilean steel and iron ore producer CAP.SN was up 1.37 percent to 13,695 pesos and industrial conglomerate Copec COP.SN climbed 1.53 percent to 6868.90 pesos in early trading.
The banking sector is also advancing locally and on international bourses, Guzman said.
Shares of Chilean airliner LAN LAN.SN, one of Latin America's biggest air carriers, rose 2.38 percent to 6,750 pesos on a Banchile brokerage recommendation to buy. (Reporting by Aaron Nelsen; Editing by Theodore d'Afflisio)
