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Economy

Colombian stocks fall tracking US shares; Peso weakens

by Adriaan Alsema November 9, 2011

Colombia news - stocks

Colombian stocks fell Wednesday, tracking a sell-off in U.S. markets triggered by fears over Europe’s sovereign-debt woes, while the peso weakened against the dollar.

The Colcap index, the benchmark for Colombia’s largest publicly-traded companies, fell 1.59% to 1581.37. The index is down 13.29% so far this year.

The decline Wednesday was led by Pacific Rubiales Energy, a Toronto-based oil firm that ranks as Colombia’s largest private oil producer. Shares of the firm plunged 5.41% to COP38,460.

The firm posted a 71% increase in its third-quarter net profit to $193.7 million on higher crude prices and output, but the output number was partly hobbled by a temporary halt in production in September at its largest oil field in Colombia due to labor protests.

Despite showing some disappointment with the results, brokerage firm InterBolsa SA said in a note that Pacific Rubiales “has one of the best set of fundamentals among the oil and gas companies operating in Colombia.”

Other stocks tracked a decline in U.S. shares spawned by fresh concerns about the health of the euro zone. The Dow Jones Industrial Average dropped 389.24 points, or 3.2%, to 11780.94, its biggest single-day decline since Sept. 22.

The Colombian peso, meanwhile, weakened against the dollar and closed at COP1,914.55 to the dollar from COP1,911.00 a day earlier.

The yield on the benchmark peso-denominated bond due in 2024 closed at 7.460% after opening at 7.503%.

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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