The Colombian IGBC stock index Tuesday fell following a decline in stock prices in New York.
The IGBC benchmark index fell 0.4% to 14,208.87 points. The Colcap index, which includes the largest companies by market capitalization, fell 0.3% to 1,715.27 points.
“The shares of Bancolombia (CIB) fell following New York, as they trade there and there is the possibility of arbitrage,” said Jorge Zuniga, a market analyst with local brokerage Interbolsa SA.
Bancolombia’s shares fell 2.5% to COP28,760.
Zuniga said the stock index will resume growth. The index has reached levels never seen before in August on investors’ appetite for shares.
He expects the index will reach 15,000 points soon.
The Colombian peso was almost unchanged at COP1,807.1 from COP1,807 on Monday.
The yield on the benchmark Colombian peso-denominated government bond, or TES, maturing in 2020, rose to 7.242% from 7.174% on Monday.
