Colombia stocks fall after deadly earthquake strikes

Colombian stocks declined on Monday after a major earthquake killed at least 20 people and caused widespread damage across the country.

The COLCAP stock index dropped 0.51% and several dollar-denominated bonds traded lower. The Colombian peso gained 1.09% against the dollar and was among the largest gainers in the region.

The earthquake occurred during a transition period for Colombia, which entered a new phase under right-wing President Abelardo De La Espriella. De La Espriella took office on Friday and pledged to fight drug trafficking and implement austerity measures to restore confidence in the economy.

The U.S. State Department said the Trump administration plans to provide $1 billion in security assistance to De La Espriella’s government.

In other Latin American markets, Mexican stocks fell 0.91% and were the largest decliners in the region, while the Mexican peso dipped 0.13%. Latin American assets remained subdued on concerns about the prolonged conflict in the Middle East.