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The result of the Plebiscite in favor of changing the current Constitution inherited from the dictatorship of Augusto Pinochet (1973-1990) was felt this Monday in the Santiago Stock Exchange, which ended the day with a drop of 2.68% standing at 3,705.99 points.
In the opinion of the economist of the University of Santiago, Victor Salas, “is about a slight drop that does not imply any disaster or uncertainty scenario, but speaks of concern of some agents. “
More than 7.5 million people voted this Sunday to approve or reject the change to the Fundamental Charter, imposing the first alternative with an overwhelming 78.3%.
That forcefulness in the vote was one of the elements that caused “a soft reaction” from IPSABecause “it supposes stability that 80% of the population supports changing the Constitution,” Salas told Efe.
The postponement of the constitutional plebiscite, originally set for April of this year but rescheduled to October 25 as a result of the health crisis, “gave a key period of time,” Salas told reporters. EFE Agency.
In that sense, “the economic agents ended up internalizing the process”, anticipating the possibilities of changes that came with the vote.
“It seems that the risks are balanced,” said Salas, “There is a lot of tranquility in the markets from the effective point of view, according to what we can measure in the first reaction.
Guillermo Araya, Renta4 studies manager, pointed out that the markets will be attentive to the April election: “Although the vote was above expectations and quite strong, almost 80 percent, in both options (Approval and Constitutional Convention), once delegates are elected, the proportions of how many are in favor of radical changes in the Constitution or softer changes will really be known. “
The exchange market also felt the effect of the plebiscite and the US dollar opened the day with an appreciation of six pesos, but ended the session lower in the 775.3 pesos, its lowest level since last September 21.
For its part, Moody’s agency read a scenario where “the probability of major changes is low to moderate because there is broad public support to preserve key elements of the Chilean economic model. “
“We observe that the result of the process will reflect the opinions of the majority in the constitutional body because at least two-thirds of its members will be needed to approve,” the agency said.
One of the sectors hardest hit by opening the Stock Market was banking. Santander shares fell 2.74% and BCI 3.89. For its part, Banco de Chile suffered a 4.2% drop.
