Morgan Stanley announced the sale of a two million SQM stake yesterday afternoon at a price of USD 40 per share (USD 26,297). After the operation, papers from the B series of a non-Metallic miner survived the black day at the Santiago stock exchange.
In particular, the investment bank sold 2.05 million SQM shares, which gives a total of 80 million USD. According to Bloomberg, the operation was carried out to "establish the coverage of Morgan Stanley as part of certain derivative transactions".
After yesterday's sale, SQM-B's shares bid farewell to operations with a sharp drop of 2.57%, which resulted in the papers falling to USD 26,500, the lowest level since January 4.
According to preliminary data, the fall in the stock market caused that non-metallic mining company destroyed the stock exchange capitalization in the amount of USD 300 million.
The Bloomberg report stated that the opening of the secondary book was immediately followed by its closure "in a short time at the discretion of Morgan Stanley".