Reuters: Global Markets: Chile soccer club shares plummet after loss; trade halted

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Chile soccer club shares plummet after loss; trade halted Jun 15th 2012, 14:31 SANTIAGO | Fri Jun 15, 2012 10:31am EDT SANTIAGO (Reuters) - The passions of fans of the Universidad de Chile soccer club spilled over the pitch and into the stock market, as shares of the company that manages the team plummeted on Friday after a resounding loss to Argentina's Boca Juniors in the Libertadores Cup the night before. Shares in Azul Azul AZU.SN, which runs Universidad de Chile, dropped 32.8 percent to 1,419 pesos ($2.84 U.S. dollars) in Friday morning trade after Boca Juniors went up 2-0 against "La U" in the first leg of their semifinal matchup. The Santiago Stock Exchange halted trading in Azul Azul, as any share price variation of more than 20 percent automatically prompts a trading suspension. Shares in Azul Azul are often volatile after cup clashes. Analysts say the shares are often illiquid, held for sentimental reasons and driven more by fans' passion than economic fundamentals. The popular club's shares had climbed steeply in recent months, buoyed by a series of major victories in soccer-crazed Chile. Santiago's blue-chip IPSA stock index .IPSA was up 0.05 percent Friday morning.

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