Colombian stocks fell Monday on concerns the local economy could be hurt by financial problems in Europe after ratings company Standard & Poor’s downgraded nine European nations.
The Colcap index, which encompasses Colombia’s blue-chip stocks, fell 0.92% to end at 1,578.22 points. The Colcap shed 14% last year and is virtually flat so far in 2012.
Among the shares registering the sharpest declines Monday was state-controlled oil firm Ecopetrol, which declined 1.5% to COP4,415 as it gave back some of Friday’s nearly 4% rise.
The Colombian peso weakened for a second-straight session, ending at COP1,846 to the dollar from COP1,841.05 a session earlier, according to the central bank.
The yield on Colombia’s peso-denominated bond due July 2024 closed at 7.375%, after beginning the session at 7.373%.