Petrominerales Posts 15% Weekly Drop on Oil Prices: Bogota Mover
Stock Chart for Petrominerales Ltd (PMG)
Shares declined 15 percent this week to 9,130 pesos at the close of trading in Bogota. The stock dropped 1.8 percent today, the most on the benchmark Colcap index. Pacific Rubiales Energy Corp. (PRE) dropped 6.9 percent this week and Canacol Energy Ltd. (CNE) fell 7 percent.
“Oil prices had a strong plunge,” Omar Escorcia, an analyst at Asesores en Valores SA brokerage in Bogota, said in an e-mailed reply to questions.
Crude oil futures plunged 3.6 percent this week in New York. Oil is Colombia’s biggest export, accounting for about 40 percent of sales abroad.
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