 |
LATIN AMERICA |
| |
Colombian Peso Stronger After Bernanke
Speech; Bond Yields Up
BOGOTA (Dow Jones) -- The Colombian peso on
Monday strengthened to COP2001.10 against
the dollar, from COP2006.25 at Friday's
close, after Federal Reserve Chairman Ben
Bernanke reaffirmed plans to keep interest
rates at a record low for "an extended
period."
In the morning, the peso weakened to
COP2021.80, then recovered after Bernanke
made his comments.
The volatility in the exchange rate on
Monday was caused by movements in the
dollar, rather than by local Colombian
factors, said Julian Ujueta, an analyst at
local brokerage Suma Valores.
"There was nervousness about what Bernanke
could say, which made the dollar go up a
bit, then after he spoke, it weakened
again," Ujueta said.
Colombia's consumer price index fell 0.07%
in November, compared with a 0.10%-increase
median forecast from eight analysts surveyed
by Dow Jones Newswires, according to data
released Saturday by Colombia's statistics
department, or DANE.
However, this hadn't had a large impact on
the foreign-exchange market, Ujueta said.
Colombia's benchmark IGBC stock index ended
almost unchanged at 11,563.00 points, on
thin trading ahead of Tuesday's public
holiday. The most traded stock was cement
maker Cementos Argos S.A. (CEMARGOS.BO),
which rose 2.3% to COP10,880. Selling by
Colombian holding company Inversiones Argos
SA (ARGOS.BO) apparently accounted for the
heavy volumes, said Jorge Restrepo, an
analyst with local brokerage Interbolsa.
On the debt market, the yield on the
benchmark government peso-denominated bond
maturing in 2020 rose to 8.2%, up from
8.074% on Friday.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
