Colombian peso, markets down after Trump victory

BOGOTA : Colombian markets suffered in early trading on Wednesday after voters in the United States unexpectedly elected Donald Trump as president.The Trump victory prompted a market selloff in Latin America, including a more than 13 percent tumble in the Mexican peso.

The Colombian peso was down 2.81 percent to 3,038 pesos to the dollar from Tuesday’s closing figure of 2,955.

The yield on Colombian treasury bonds, called TES, coming due in July 2024 rose to 7 percent from 6.93 on Tuesday and the principal stock index, COLCAP, fell 0.14 percent to 1.352,98 points.

“All emerging markets are being slaughtered right now and I don’t think we’ll be the exception,” said Daniel Escobar, chief economist at Global Securities brokerage in Bogota. “We’ll see what happens after the first hit.”