The Colombian stock exchange dropped 2.43% Tuesday, reflecting the widespread economic impact of the disaster in Japan.
According to a report on economic news site Portafolio, the fall was the most extreme seen in Colombia in four months. Since Thursday 10 March, the day before a devastating 8.9 magnitude earthquake and tsunami hit Japan, the general index of Colombian stock market values (IGBC) has descended a total of nearly 8.5%.
The market closed Tuesday at 13.942 points, the lowest it has been since August 2010.
Energy firms endured the most pronounced drops in Colombia, with companies such as Proenergia and Pacific Rubiales falling by as much as 5.5% in the same day.
Analysts said that investors are currently averse to taking risks in the energy market due to fears of a nuclear crisis, coupled with a lowering in crude oil values, and are seeking more secure investment opportunities for the short term.
Although experts do not expect the sudden drop in stock values to be resolved overnight, they are confident that the economic stimulus measures being taken to aid the Japanese economy will soon stabilize the markets.
