Why Chilean Stocks Are Crashing Today
Chilean stocks were in free fall this morning, with shares of electric utility Enel Chile (NYSE: ENIC) down 8.1%; regional bank Itau Corpbanca (NYSE: ITCB) falling 8.6%; Banco de Chile (NYSE: BCH) dropping 9%; and Banco Santander-Chile (NYSE: BSAC) suffering worst of all, down 10.9%. Basically, if it has "Chile" in the name, it's having a bad day today. As Reuters reported this morning, candidates from Chile's ruling center-right coalition failed to win one-third of the seats in a vote to form a new body that will rewrite Chile's constitution.
