Colcap, the main stock market indicator of the local market, fell more than 10% at one point in the day, so all trades were suspended for 30 minutes.
The last time the BVC (Bolsa de Valores de Colombia in spanish) made a decision of this magnitude, which serves to protect investor’s capital, was on June 12 2006, when it fell to 10.4%.
Although the interruption of operations lasted only 30 minutes, and when activities resumed the index recovered a bit, it continued to record losses by 9.59%.
The decline in Colombian stocks, according to dataiFX, was explained by the fall in global oil prices due to a cost war between Russia and Saudi Arabia.
Here are the stocks that report the most losses in the BVC:
- Ecopetrol: -19.22 %
- Bancolombia: 13.95 %
- Bancolombia Prime: -13.93 %
- Argos cements: -10.69 %
- Preferencial Davivienda: -10.08 %
Wall Street also went to the ground this morning due to the low oil price and the effects of coronavirus on the global economy;in fact, the U.S. stock market also had to suspend its operations by recording drops in its stock indices.
- Dow Jones: -5.83%
- Nasdaq: -7.12%
- S&P 500: -7 %