Colombian stocks were down 1.37% in morning trading Monday, tracking a global sell-off linked to jitters over Spain’s higher borrowing costs.
The Colcap index, the benchmark for Colombia’s blue-chip stocks, fell 1.37% to trade at 1647 points. The most heavily traded share in the session has been that of state-run oil firm Ecopetrol SA, down 1.10% to COP4,930.
Preferred shares of Bancolombia SA fell 2.83% to COP27,440.
The Colombian peso, meanwhile, traded Monday at its weakest intraday level in seven sessions, the result of global market jitters over Spain’s higher borrowing costs and fears that the fourth-largest economy in the euro zone may have no option but to request a bailout to shore up its trouble finances.
The peso traded at COP1,789.35 to the dollar, compared with an intraday high of 1,794.20 on July 12. The government has struggled all year to tame the peso’s appreciation against the dollar, the result of large inflows of foreign investment into Colombia.