The Colombian stock market rose to another record high on Friday as investors anticipate an increase in commodity prices in 2010.
The IGBC benchmark stock index ended 0.1% higher at 11,721.38.
“In general, there is a good outlook for commodities such as oil and cement,” said Julian Cardenas, a market analyst at local brokerage Corredores Asociados.
This would benefit such local blue-chip companies as Ecopetrol SA and Cementos Argos SA.
Cardenas said that demand for cement is expected to rise in Colombia because of the government’s promotion of public works to stimulate the economy and boost its competitiveness, while the price of oil is seen increasing on stronger world demand.
However, he said he expects the stock index to gain a modest 4.1% this year.
The preferred shares of Bancolombia rose 0.9% Friday to COP22,500 (US$11.42).
The peso ended almost unchanged at COP1,969.5 to the dollar, compared with COP1,969.25 on Thursday, while the yield on the benchmark government peso-denominated bond maturing in 2020 fell to 8.78% from 8.873% on Thursday.
