Chilean stock indexes edged higher for a third consecutive session on Friday, as investors focused on final earnings reports. The all-market IGPA index edged up 0.10 percent to 14,192.69 points, while the trade-weighted, blue chip IPSA index gained 0.09 percent to 3,149.19 points.
With Friday's rise, the IGPA closed in on last Friday's all-time high of 14,210.61 points. Indexes began rising again this Wednesday led by dominant electric utilities following strong earnings reports and brokerage recommendations.
"This week the bourse has been affected by earnings results more than anything else," said Hugo Avendano, an analyst with the Banchile brokerage. Percentage gains were led by wine exporter Concha y Toro, as its stock soared 5.49 percent to 960 pesos a share after reporting first-quarter earnings had more than quadrupled on stronger regional exports and growth in its Argentine subsidiary.
Chile's giant retailers, among the most heavily weighted, helped push indexes higher, with No 1 department store chain Falabella FAL.SN up 1.63 percent to 2,550 pesos a share and Cencosud advancing 1.74 percent to 2,000 pesos.
Falabella reported earnings in line with expectations on Friday while Cencosud is due to report on Monday. Retail stocks have been gaining on aggressive regional expansion plans and strong growth in consumer spending.
Leading brewer CCU advanced 1.97 percent to 3,630.10 pesos a share. On Thursday the company reported net profit in the first quarter up 21.5 percent over last year.
Declining shares were led by No 1 power generator Endesa Chile as its stock fell 1.27 percent after advancing over 6 percent in the prior three sessions. "Next week there will probably be a lot of last minute financial reports on Monday after the market closes, so we'll still have reactions to the results on Wednesday," Avendano said.