By Carla Mozee

Chilean stocks were slightly lower Tuesday as investors continued to assess the impact that a deadly earthquake has had on the operations of companies in the Andean nation.

In the second day of trading after the 8.8-magnitude earthquake hit near the city of Concepcion, the IPSA equity index fell 0.4% to 3,768. The index in the previous session finished 1.2% lower.

In exchange-traded funds, the iShares MSCI Chile Investable Market Index fund (ECH) picked up 0.5%. It fell 1.4% in the previous session.

Among equity decliners on Tuesday in Santiago, shares of CAP SA dropped 3.7%, extending their loss of more than 2% on Monday after the steel producer said that repairs at its Huachipato facility in southern Chile are likely to take no less than three months.

Shares of CMPC fell 1.2% as the pulp and paper provider declared force-majeure for an initial period of 30 days, according to Itau Securities.

"If we assume a 30-day supply disruption (it could take longer), this would be equivalent to 9.2% of global monthly shipments, or a potential three-day decline in already tight world inventories," wrote Itau Securities analyst Marcos Assumpção. Chile represents 8.5% of global market pulp capacity, he wrote, adding that there are 3.7 million tons of capacity shut in Chile.

Shares of forestry products producer Copec were down 2%. The company said Monday that some of its facilities have been damaged.

Itau raised its forecast for average European hardwood pulp list prices to $800/ton this year, compared with its previous estimate of $748/ton, and $820/ton in 2011, up from $780/ton. Pulp prices are likely to increase again in April by $50/ton, wrote Assumpção.

With numerous roads, buildings and bridges damaged by the temblor in need of repair or to be completely rebuilt, shares of construction firms remained higher for a second session.

Shares of Salfacorp climbed 4.8%, Besalco gained 8.3% and cement maker Cementos Bio-Bio surged 34%.

The Chilean government's most recent tally of deaths related to the earthquake was raised to 723, with most deaths having occurred in the coastal region of Maule. At least 2 million people have been displaced by Saturday's earthquake, and thousands of troops have been deployed to affected cities to control widespread looting.

Chilean President Michelle Bachelet appeared in the capital city of Santiago with U.S. Secretary of State Hillary Clinton on Tuesday, with Clinton saying that the U.S. is ready to provide assistance to the country.