Chilean blue chips slipped in quiet trade on Friday, as traders said investors exercised end-of-quarter caution, while the peso advanced for a third day against the dollar on continued high copper prices.
The IPSA blue chip index slipped 0.18 percent to 2,181.96 points while the all-market IGPA index edged up 0.05 percent to close at 9,930.98, preliminary closing figures showed.
"Basically it was a flat session," said Antonio Fuenzalida, a trader with the Euroamerica brokerage. "Nobody wanted to be too heavily invested in any position because we're at the end of the quarter."
Chile's No 1 energy generator Endesa fell 1.02 percent to 533.50 pesos a share, putting gains for the year at about 2 percent.
Giant industrial conglomerate and wood pulp producer Copec slid 1.41 percent to 4,900 pesos a share bringing its gain for the year to 10.4 percent.
Chile's two largest retail chains offset index losses with Falabella advancing 0.64 percent to 1,610 pesos a share and Cencosud up 0.75 percent to 1,335 pesos a share.
Analysts say that despite Chile's rapid economic expansion and record high copper prices, the stock market may be in for short term adjustments following the gain of over 10 percent in January and February.
"According to valuations, I think the IPSA should gain about 15 percent (in 2006) and we're already up 11 percent," said Gabriela Clivio, research manager with the BBVA brokerage. "Evidently there are going to be some adjustments."
Starting on Monday, the Chilean stock market will close at 4:30 pm local time (2030 GMT), an hour earlier than the current closing time, so that its hours of operation coincide with Wall Street during US daylight saving time.
The opening time is unchanged at 9:30 am local time (1330 GMT).
On the foreign exchange market, the Chilean peso edged up 0.19 percent to 527.00/527.50 per dollar compared to Thursday's close at 528.00/528.50.
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