The Black Monday experienced by world markets due to fears of a recession in the United States spread to the local environment, with a strong rise in the dollar and a significant fall in the stock market of Colombian Securities.
(Read more: Wall Street had its worst day in two years on Monday, August 5)
The price of the dollar in Colombia started the week with a strong increase and was traded above $4,200 in negotiations between Colombian banks.
The currency opened operations at $4,200 pesosand reached $4,215, while the lowest was $4,142 pesos.
In the end, the average trading price was $4,184.89, $74.52 pesos above the Representative Market Rate (TRM, official dollar), which yesterday was $4,110.37 pesos. The TRM for this Tuesday is $4,184.30.
(Read more: Budget investment started the second half of the year with a 13.6% delay)
Markets.
(More news: European and Asian markets fall due to fears of a US recession)
Last Thursday, August 1st, the markets became nervous Following the release of worse-than-expected US employment and industrial activity data, and intensified on Friday as the US labor market became clearer.
“Volatility has soared as concerns about the U.S. economy grow and some major tech companies fail to meet expectations”explained analyst Manuel Pinto.
It is enough to remember how the surge that took the dollar above $5,000 in November 2022 ended up generating very strong pressure on the cost of living.
Alejandro Guerrero, currency associate at Credicorp Capital, He said fear is slowly returning to investors.
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He said that the market is experiencing a risk aversion movement, triggered by the unexpected rise in interest rates by the Bank of Japan, and explained that this change has led investors to dismantle long-term profitability positions and this has strengthened the Japanese yen, while other currencies suffer the punishment. This year the devaluation of the peso reaches 1.8%.
On the Colombian Stock Exchange, the MSCI Colcap stock index fell 1.69% to 1,294.56 points. The shares that fell the most were Enka with 6.25%, Conconcreto with 5.78% and ISA with 4.09%. $67.131 billion were traded and this year the index has risen 8.31%.
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