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Chile's only ETF may be in for a rough ride next year
By Rony Abboud
0
- Industrial Metals
- Chile
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Chile's peso fell and its local market stock index (Santiago Stock Exchange General Index IGPA) dropped by 6.2% on Monday after leftist Gabriel Boric won the presidential election of the "Copper" nation on Sunday.
Investors are worried that Boric will dump market-friendly policies and take a more radical stance in his economic model. During his campaign, the president-elect (35 yrs. old) pledged to raise taxes, scrap the existing private pension system and oppose mines that harm the environment.
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In the ETF space, iShares MSCI Chile ETF (ECH) took a -11% plunge on Monday. The fund invests in a broad range of companies in Chile. The drop could be an opportunity for investors to buy dip, with hopes of a speedy recovery (ECH is now up by 2.7% at 4:30pm GMT+1). On the other hand, Chile is the largest copper producer in the world, and when the new Chilean policies come into play, copper and copper mining ETFs will be on the radar.
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