Colombian stocks decline, tracking drop in US; peso weakens

Colombian stocks declined Wednesday, tracking a drop in U.S. markets triggered by fears over the fiscal situation in Greece.

The IGBC index, the benchmark for Colombia, fell 1.7% to 14030.37 points. Ecopetrol SA, Colombia’s state-run oil firm, declined 2.91% to close at COP3,835 ($2.16).

The decline in Colombia came as the Dow Jones Industrial Average fell 1.5% to 11897.27 on concerns over the U.S. economic recovery and Greece’s ability to handle its debt problem.

The troubles in Greece also spawned a wave of risk aversion among investors, leading to a weaker peso. The Colombian currency retreated against the greenback and closed at COP1,789.5 from COP1,771.5 a day earlier.

The yield on the peso-denominated bond, known as TES, due in 2020 stood at 7.740% from 7.775% in the previous session.

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