Colombian stocks declined Tuesday, pushed lower by a drop in oil and banking stocks, while the peso strengthened against the dollar.
The IGBC index, the benchmark index for Colombia, fell 1.42% to 14113.62 points. Leading the decline was Pacific Rubiales Energy Corp. (PRE.T, PEGFF), a Toronto-based oil firm with a double listing in Canada and Bogota. The oil company declined 2.33% to COP51,900.
The Colombian peso, meanwhile, strengthened against the dollar and closed at COP1,772.50 from COP1,767.25 Monday. The government announced a plan to buy $1.2 billion through year’s end in a bid to drain dollars from the local spot market and put a leash on the peso’s surge.
The yield on the benchmark, peso-denominated 2020 bond stood at 8.205% Tuesday from 8.257% at the previous session’s close.