Colombian Markets Sink After Leftist Wins Presidential Election
- Peso leads losses among major currencies; stocks, bonds slump
- Investors anxiously awaiting Petro’s pick for finance minister
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Colombian assets tumbled Tuesday as markets reopened after leftist Gustavo Petro won Sunday’s presidential election on a platform to wean the country off its reliance on raw materials and tax the rich.
The peso slumped as much as 5%, while stocks dipped 6% before paring some losses. The nation’s sovereign dollar bonds were among the worst performers in emerging markets, and yields on local debt due 2024 lingered near a record high. State-run oil company Ecopetrol SA’s securities also took a hit, with shares down more than 10% and benchmark dollar bonds briefly touching an all-time low.