Colombian stocks had one of their worst days of the year to date Thursday, falling sharply along with others global markets around the world on worries over fighting in Libya and credit concerns in Europe.
The IGBC index, considered the Colombian stock market’s benchmark, posted a 2.14% decrease to close at 14862.89 points.
Pacific Rubiales Energy (PRE.T), a Canada-based oil company that operates in Colombia and whose shares carry the heaviest weight in the index, fell 4.2% to COP61,780.
When the recent conflicts in the Arab world first began, Pacific’s shares rose sharply as investors wagered rising global oil prices would turn up the company’s profits. But this week that trend began to reverse itself.
Meanwhile, the Colombian peso strengthened again Thursday to close at COP1,866.70 for $1, from COP1,876.35 a day earlier. Thursday’s closing mark for the peso is its strongest level since Feb. 3.
The yield on the benchmark 2020 peso-denominated bond known as TES stood at 8.215% Thursday, compared with 8.202% a day earlier.