Chileans rejecting new constitution set to lift markets -JPMorgan

LONDON, Sept 5 (Reuters) - Chileans rejecting a proposed new constitution should be positive for the country's assets, Wall Street bank JPMorgan said in a note to clients.

Chileans overwhelmingly voted against a proposed new constitution on Sunday, rejecting what would have been one of the world's most progressive charters that would have marked a sharp shift from its market-friendly constitution dating back to the Augusto Pinochet dictatorship.

"In our view, the plebiscite outcome should positively impact markets," said JPMorgan's Diego Pereira.

This was due to less uncertainty and lower risk premia ahead with expectations that the outcome may force a more moderate and gradual reform impulse, Pereira added.

"We believe both real and financial investors would prefer that if the current constitution has to be reformed, it’s done by the Congress or a committee of notables."

London-listed miner Antofagasta ANTO.L saw its shares gain around 2% on Monday, outpacing gains in the STOXX Basic Resources Index .SXPP , which was up 0.8%.

Chile is the world's top copper producer and is home to global copper giants like Codelco, BHP BHP.AX , Anglo American AAL.L and Glencore GLEN.L as well as Antofagasta.

Chile's peso CLP= has fallen some 3% since the start of the year, making it an outlier in the Latin America region which has seen currencies from Brazil's real BRL= , Peru's sol PEN= and Mexico's peso MXN= chalk up solid gains in 2022.
Reporting by Karin Strohecker; Editing by Andrea Ricci

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