ADRs in Focus: Chilean companies decline

Shares of Chilean companies that trade on U.S. exchanges fell sharply on Tuesday with Sociedad Quimica seeing the biggest decline following a steady run-up for the fertilizer maker.

The Bank of New York Mellon Chile ADR Index declined 4.21 points, or 2.1 percent, to 197.72. ADRs, or American Depositary Receipts, are securities designed to allow U.S. investors to trade shares of overseas companies.

Sociedad Quimica lost $3.17, or 6.8 percent, to $43.43. Shares of the company have been declining since mid-June following a sharp run-up as the broader fertilizer sector continues to benefit from booming food production and biofuel demand.

The ADR is still up 163 percent since the start of the year.

LAN Airlines SA declined 22 cents, or 2.2 percent, to $10.02 as oil settled at a new high of $140.97 a barrel on the New York Mercantile Exchange. Airlines often trade opposite the price of oil because fuel represents one of the industry's biggest costs.

Banco Santander Chile declined $1.39, or 3.2 percent, to $41.62.

Supermarket chain Distribucion y Servicio SA fell 29 cents to $20.66.

Administradora de Fondos de Pensiones Provida SA lost 58 cents to $24.95. Shares of the investment services provider touched a multiyear low of $22.81 earlier in the session.

The Bank of New York Mellon Latin America ADR Index lost 8.61 points, or 1.9 percent, to 451.86. The Bank of New York Mellon Composite ADR gave up 2.08 points, or 1.2 percent, to 166.11.