Chile's blue chip stocks rose to a record closing high on Friday, driven by energy firms like the nation's biggest power generating company Endesa, while the peso slumped to its lowest since mid-March. The IPSA index of the Santiago Stock Exchange's 40 most liquid stocks rose 0.35 percent to 2012.91 points, a little above the 2008.03 on April 12. The all-market IGPA gauge gained 0.11 percent to 9,317.79, according to preliminary closing figures.
"The market continues to be driven by trading in the electricity sector," said Rodrigo Cristi, an analyst with the Alfa brokerage in Santiago.
Chile's top power generator Endesa rose 1.28 percent to 473.00 pesos per share, while its parent company, South American energy firm Enersis added 2.10 percent to 113.84 pesos per share. Together, those two stocks make up more than 16 percent of the IPSA's weight.
Investors are betting on energy companies after a new energy law was passed by Congress that will boost urban consumer electricity rates once it is signed by the president.
On the foreign exchange market the peso fell for a fourth consecutive day to its weakest close against the dollar in nearly three months, infected by a decline in the euro against the dollar.
The peso closed at 589.70/590.20 per dollar, off 0.41 percent compared with Thursday's close.