Chile ETF Climbs After Pinera Clutches Presidential Election

“Pinera’s campaign agenda focused on investment and growth, and we believe the administration will articulate policies with that aim, which should help to consolidate the upbeat business and consumer expectations,” JPMorgan economists said in a report. “That said, Pinera’s administration will need … political savvy to negotiate laws in a fragmented Congress.”

Shares of construction companies, Some banks and miners advanced by double digits. ECH includes a 18.5% tilt toward financials and 12.2% to materials.

The newly elected president has pledged to cut corporate taxes and ease industry regulation in a bid to more than double economic growth and add 600,000 new jobs. He promised reforms under outgoing President Bachelet will not be removed but he will provide a new pro-growth tone to the government, report Philip Sanders and Javiera Quiroga for Bloomberg.

“Together, we can transform Chile into a developed nation,” Pinera told supporters late Sunday. “Into a Chile without poverty, with opportunity for all. Chile will recover the path of progress and development.”

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