MercoPress. South Atlantic News Agency

Latinamerican stock markets global leader

Latin American stocks are currently the world's most profitable, according to investment bank Morgan Stanley.

Morgan Stanley's index for this year's stock exchange shows 24.13% growth in stock prices compared to 2005. In Europe, markets grew 18.95%; in Asia, 5.47%. The global average comes in at 12.49%.

Chilean markets have hit historic highs since mid-September, hitting a record 2,356.97 points last week.

The Santiago Stock Exchange's Ipsa index, tracking the 40 most active stocks, retreated, however, from record highs on Thursday, dropping 0.38% to 2,377 points. Still, 2006 has been a great year for Chilean stocks.

"Prices on raw materials have gone up, copper prices stabilized at US$3 per pound, infrastructure has changed, services have better coverage and interest rates are low," said the vice-president of Capital Markets IM Trust Vicente Beltrand in Santiago.

On Thursday figures from the National Statistics Institute showed Chilean industrial production declined 2.6% in September compared to the same month in 2005.

The drop is explained by a decline in mining output, increased energy costs and the fact that September had two fewer working days than last year.

By Morten Szygenda The Santiago Times