Emerging market strategists looking at making a New Year foray into Chilean stocks would be best advised to adopt a strategy of “Buy into heavy rain” and “Sell on prolonged sunshine”. In a new twist on the term “market barometer”, the Chilean market is being dragged down by the weather, as the country endures one of its worst droughts this century.
The hardest hit stocks are the power generators, heavily dependent on hydro-power, which are reduced to using their more expensive thermo-power plants, because of the lack of melted snow running off the Andes.
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