Chile's Ipsa index of 40 stocks retreated 62.73, or 1.8 percent, to 3,388.45. Peru's main index fell 1.6 percent, while markets in Brazil and Mexico were closed.
Easily traded stocks with American depositary receipts, such as energy company Enersis SA, led today's decline after the Morgan Stanley Capital International index of Latin American shares fell 2.2 percent yesterday when Chile's market was closed for All Saints Day. U.S. financial stocks dropped again today as Merrill Lynch & Co.'s biggest drop in six years reinforced global credit concerns.
``Yesterday was a pretty bad day all round and Chile has some catching up to do,'' Brian Chase, an analyst at UBS Pactual in Santiago, said by phone. ``Today is another dose of risk aversion and a bit of house cleaning.''
Deutche Bank AG sent U.S. financial shares lower, saying in a report that Merrill may write down another $10 billion, after taking an $8.4 billion hit last week.
Chile's Ipsa completed a 3.1 percent weekly decline, its steepest since the first week of September. Enersis, the index's heaviest weighted stock, dropped 2.1 percent to 190 pesos. Its generation unit Empresa Nacional de Electricidad SA fell 2.4 to 747.01 pesos. Cencosud SA, Chile's biggest retailer and the index's second heaviest-weighted stock, declined 2.6 percent to 2,070 pesos.
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