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Economy

Colombia’s stock index falls; Peso weakens

by Adriaan Alsema October 1, 2009

Colombia news - Stocks down

The Colombian benchmark IGBC stock index Thursday fell, following stocks in New York.

The IGBC stock index fell 0.9%, to 11,153.52 points. The index is up 48% so far this year. The Colcap index ended up 1%, at 1,315.15 points.

Stock prices in Colombia followed a 180-point decline of the Dow Jones Industrial Average. U.S. stock prices fell after worse-than-expected manufacturing data were released, fueling fears that the monthly jobs numbers to be released Friday would deliver another disappointment.

“The prices in Colombia are close to historic highs, so people are nervous,” Felipe Campos, a market analyst with local brokerage Alianza Valores, said. “They need very good news to believe prices will rise more.”

Campos expects the market to be volatile in the next couple of weeks, then sees it rising solidly to end the year close to 13,000 points.

The most-traded shares were from Ecopetrol SA (ECOPETROL.BO), which fell 0.4% to 2,695 Colombian pesos ($1.40).

The preferred shares of Colombia’s largest bank, Bancolombia SA (CIB), fell 1.2%, to COP20,360.

On the currency market, the peso weakened to COP1,929 from COP1,918.4 on the previous day.

On the debt market the government bonds’ yields rose to 8.97% from 8.91% on Wednesday. (Dow Jones)

Colombia pesoeconomystocks

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