Chilean stock indexes closed near flat on Friday as U.S. markets rebounded in spite of grim jobs data, while the peso closed lower as copper prices fell to a four-year low.

SANTIAGO, Dec 5 (Reuters) – Chilean stock indexes closed near flat on Friday as U.S. markets rebounded in spite of grim jobs data, while the peso closed lower as copper prices fell to a four-year low.

The blue-chip IPSA index .IPSA edged up 0.08 percent to close at 2,304.05 points, after trading for most of the day in negative territory, while the all-market IGPA .IGPA ended 0.01 percent higher at 11,102.19, preliminary closing figures showed.

Markets slumped after the United States reported over half a million job losses in November, the sharpest monthly drop in 34 years, but Wall Street rebounded in late trade as investors bet falling oil prices would shore up consumer spending.

“U.S. markets have been erratic, like always,” said Antonio Fuenzalida, deputy investment manager with the Euroamerica brokerage.

“The bad news just keeps coming, so we’re not likely to see investors piling back into the local bourse, especially when markets aren’t expected to improve until the second half of next year.” Central bank data on Friday also showed Chile’s economic growth slowed in October to 2.7 percent, as domestic demand cooled against the backdrop of a deepening global economic slump. Only 11 of Chile’s 40 blue-chip stocks ended in positive territory, with late session gains by large banking and electric utility shares offsetting losses.

Banco Santander STG.SN gained 2.91 percent, while Endesa Spain’s regional investment arm Enersis ENE.SN gained 2.74 percent.

Declines were led by giant wood pulp exporter Copec COP.SN as its shares fell 1.99 percent, and regional diversified retailer Cencosud CEN.SN, with a retreat of 3.07 percent the day after its chief executive resigned.

“There are a lot of problems in the real economy that need to be resolved, and until then there’s not much reason for bourses to be positive,” Fuenzalida said. The peso CHILJ fell 0.75 percent to close at 674.30/674.60 per dollar compared with Thursday’s 669.00/669.50 close.

“Global markets got off to a weak start and got worse after U.S. jobs data came out. At the same time copper prices fell, so it’s logical the peso would fall too,” said one trader. Prices for copper, which accounts for over half of Chile’s exports, fell to a four-year low on Friday. “Domestic economic growth was also lower than expected, and probably had a limited effect too,” the trader added. (Writing by Lisa Yulkowski; Editing by Leslie Adler)

Fuente: Reuters