As the project that allows the withdrawal of funds from the AFPs continues to advance, the Chilean stock exchange receives the effect of the uncertainty generated by the measure and, on the other hand, the impact that the fact that the administrators have to liquidate local shares will have. in the event that they have to deliver 10% of the savings.
“Let us remember that the two main investors of the big IPSA companies are the AFPs and the insurance companies. So, to the extent that the fund managers have to liquidate this share capital, all the multifunds will immediately lose value in the same withdrawal amount, which in this case would be 10% “, explains Diego Mora, senior analyst at XTB Latam.
Thus, following the trend of the last days, the selective IPSA -index of the Santiago Stock Exchange that gathers the main local shares- ended the day with a 1.76% drop.
With this, the benchmark index accumulates its third consecutive fall since last Wednesday the Chamber dispatched the bill to its second legislative procedure. In the period, the IPSA accumulated a 6.1% drop, while benchmarks such as the S&P 500 rose 1.7% and the Bovespa did so by 3.9%.
At the equity level, the poor performance of ItauCorpbanca stood out, ending with a 7.08% drop. Parque Arauco and Falabella followed, with losses of 6.14% and 4.92%.
“After the rebound that the local stock market has had, and as the multifunds lose value, the large companies in Chile will also do so. Therefore, the most logical thing is for the IPSA to continue with the downward trend,” projected Mora. .
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