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Economy

Colombian stocks fall on European debt worries; Peso weakens

by Adriaan Alsema November 2, 2011

Colombia stocks

Colombian stocks fell for a third consecutive session Tuesday, this time tripped up by a new wave of fears over Europe’s sovereign debt situation after Greece called for a referendum on bailout package.

The Colcap index, the benchmark for Colombia’s largest publicly traded firms, fell 1.54% in the day. The index is down 12.42% so far this year.

Greek Prime Minister George Papandreou had said late Monday that his government would seek a referendum on the country’s latest bailout plan proposed by European leaders, a move that caught investors off guard.

A rejection of the aid package in the referendum could unravel months of tense negotiations on how to avoid a Greek debt default that could hurt other larger European economies.

Pacific Rubiales Energy, a Toronto oil firm that is Colombia’s largest crude independent crude producer, fell 3.46% to COP42,240. Ecopetrol SA, the state-run oil firm, declined 0.63% to COP3,975.

The Colombian peso, meanwhile, weakened against the greenback as investors sought out the relative safety of the dollar. The peso closed at COP1,891.95 from COP1,866.95 a day earlier.

The yield on Colombia’s peso-denominated bond due July 2024 closed at 7.445%, after opening the session at 7.507%.

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Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion