On the first trading day of 2026, the Chilean dollar rose to $906, breaking the $900 support, while the Ipsa index fell 0.51% to 10,427.75 points. This marks the second consecutive decline for the benchmark after its recent all-time high. Local markets responded to moderate economic data and copper at record highs.
The Santiago Stock Exchange opened 2026 with volatility. The Ipsa, the main stock index, fell 0.51% to close at 10,427.75 points, representing a cumulative drop of 1.31% over two sessions after hitting an all-time high of 10,521.68 points on December 31, 2025. Analysts attributed the move to a moderate correction, where declines in heavyweights like SQM-B, down 2.64%, outweighed gains in defensive names.
"It was a session of moderate correction and selective market, where declines in the heaviest stocks ended up prevailing over advances, despite several defensive names showing better tone," commented Gonzalo Muñoz, markets analyst at XTB Latam.
In the foreign exchange market, the dollar rose $6.85 from the previous close, trading at $906 per unit at the edition's close. During the session, it hit a high of $907.25 and a low of $896.60. "A session that starts with little directional momentum and marked mainly by technical factors. The exchange rate continues to move within a narrow range, with the $900 zone as a relevant psychological level," explained Felipe Cáceres from Capitaria.
The local context included the release of November's Imacec, showing 1.2% year-over-year growth, indicating economic moderation. "This result points to a moderation in economic dynamism toward year-end, reinforcing a scenario of contained growth," said Emanoelle Santos from XTB Latam.
Globally, copper rose 0.54% to $5.7 per pound, reaching record highs despite dollar strength. In Wall Street, indices closed mixed: Dow Jones +0.66%, S&P 500 +0.19%, and Nasdaq -0.03%, boosted by tech but weighed down by Tesla (-2.59%).
