Colombia Stocks Rise On Higher Oil Prices; Peso Treads Water

Colombian stocks climbed Thursday, driven by a rise in global prices for oil that pushed up heavily traded shares of oil firms Ecopetrol (ECOPETROL.BO, EC) and Pacific Rubiales (PRE.T, PREC.BO).

The Colcap, which is the Colombian Stock Exchange's benchmark index, climbed 0.58% to end at 1,759.62 points.

Shares of Ecopetrol rose 1.7% to COP5,510, while Canada-based Rubiales shares also gained 1.7%, ending at COP50,960.

Meanwhile, the Colombian peso ended virtually unchanged at COP1,762.20 per dollar from COP1,761.85 a day earlier, according to Set-FX.

The peso is 9% stronger against the dollar this year due to a record amount of foreign direct investment. Some analysts believe Colombia's central bank will announce new intervention plans Monday to prevent further strength in the currency.

The yield on Colombia's peso-denominated bond due July 2024 closed at 7.099% after beginning the session at 7.017%. Yields have been declining due to lower inflation data.

-By Dan Molinski, Dow Jones Newswires; 57-310-867-6542; [e-mail]