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Colombian News -
Money, Finance, Economics
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Thursday, 22 October 2009 08:31 |
BOGOTA (Dow Jones)--The Colombian peso strengthened Wednesday as some investors sold some of the dollars they bought in the past few days to pocket a gain.
The Colombian peso strengthened to 1,895.6 to the dollar from COP1,920.45 on Tuesday. The Colombian peso had weakened 4.9% in the five previous sessions.
"Some people took advantage to buy pesos again," said Julian Marquez, a market analyst with holding company Corficolombiana SA.
People expect the Central Bank will announce some intervention on the currency market during its monetary meeting on Friday, he said. "But the effect won't be that significant."
The peso will probably move within a range of between COP1,850 to the dollar and COP1,900 until the end of the year, Marquez added.
The IGBC stock index rose 0.2% to 11,081.45 points, while the Colcap index, the index including the largest companies by market capitalization, rose 0.1% to 1,317.07 points.
The most-traded shares were shares of Colombia's largest holding company Grupo de Inversiones Suramericana SA (GRUPOSURA.BO), which fell 0.3% to COP23,680, while the preferred shares of the country's largest bank Bancolombia SA (CIB) rose 0.6% to COP20,320.
On the debt market, meanwhile, the yield on the benchmark 2020 Colombian peso-denominated bond fell to 8.596% from 8.659% on Tuesday.
-By Inti Landauro, Dow Jones Newswires
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Colombian News 
