Forex News | 1/6/2009 12:00:00 AM
Colombia's Stock Index Rises On Oil Price; Peso Strengthens
Jan -- 6 The Colombian benchmark IGBC stock index rose on Tuesday lifted by shares of state-controlled oil company Ecopetrol SA (ECOPETROL.BO), which were boosted by oil prices.
"The price of oil is approaching $50 a barrel, which is much higher than a couple of weeks ago," Ricardo Perez, a market analyst with local brokerage Alianza Valores SA. He expects the price will fall again in the coming weeks, bringing down prices of Ecopetrol's shares.
Shares of Ecopetrol gained 2.5% to 2,090 Colombian pesos ($0.95).
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