The General Index of the Stock Exchange (IGBC) has fallen by 2.68% in a week as the shock waves of the global financial crisis begin to be felt in Colombia, national media reported Thursday.
The index opened Thursday with 13,318.39 units, 2.36% less compared with the same time last week. All the shares listed on the exchange registered a negative balance or remained stable.
According to Caracol Radio, the biggest drops were in petroleum companies; Canacol, Pacific Rubiales and Ecopetrol receded by 9.74%, 5.26% and 3.58% respectively as the price of oil fell to a six-week low. The price of oil tumbled after the Federal Reserve cited “significant downside risks” to the U.S. economy.
The Colombian market followed the same downward trend as those in Europe and Asia which fell more than 4.5% Thursday.
Furthermore, the dollar broke the 1,900 peso barrier. The U.S. currency was being traded at, on average 1,924 pesos 37 cents, meaning that it rose by 42 pesos.