IGBC index down 4.3% on global selloff

The Colombian IGBC stock index fell to a level not seen since January
as investors are selling shares following a global selloff fueled by
growing fears of a recession.

The IGBC stock index fell 4.3% as of 11:07 a.m. local time Wednesday to
9,317.73 points. The index hasn’t closed that low since Jan. 21, when
it ended at 8,251.23 points.

“After the fall in Europe, Asia
and the U.S., people here are rushing to sell,” Johanna Castro, a
market analyst with local brokerage Corredores Asociados, said. She
said local investors had kept a certain level of confidence Tuesday,
when the index only lost 0.8% but Wednesday, the mood is much gloomier.

Shares of state-owned oil company Ecopetrol SA (ECOPETROL.BO) were the
most-traded and they fell by 4.7% to 2,320 Colombian pesos ($0.99).

On the currency market, the Colombian peso weakens to COP2,335 to the
dollar, a level not seen since October 2006, while the yield on the
benchmark peso-denominated government bond maturing in 2020 rose to
12.34% from 12.066% Tuesday.

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