Bloomberg News

Colombia’s Enka Surges Most in Year on Trade Accord Outlook

October 11, 2011

(Updates closing price in second paragraph.)

Oct. 11 (Bloomberg) -- Enka de Colombia SA, a Medellin- based synthetic fibers producer, rose the most in a year as investors bet the company will benefit from pending free trade deals with the U.S., the European Union and South Korea.

Shares rose 13 percent to 12.2 pesos at 3 p.m. Bogota time, the steepest advance since October 2010.

“Enka exports a lot to Europe and Asia, including shipments of fish nets and tires,” said Jorge Zuniga, analyst at Interbolsa SA, Colombia’s biggest brokerage. “With all the free trade accords on the table, the company is going benefit.”

Leaders in the U.S. House and Senate plan to hold votes Oct. 12 on three bills that would implement trade agreements including with Colombia.

Colombia plans to sign a free trade agreement with the European Union in April and finish negotiating a trade deal with South Korea this year, according to e-mailed statements last week.

--Editors: Marie-France Han, Glenn J. Kalinoski

ENKA CB

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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