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Financial News: COLOMBIA: Colcap Closes Slightly Down Due To Bancolombia

COLOMBIA: Colcap Closes Slightly Down Due To Bancolombia And Ecopetrol

09/28/2017 - 22:16:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell slightly (-0.04%), closing at 1,486.62 points Thursday due to the low performance of Bancolombia and Ecopetrol.

Erika Baquero, an analyst at Alianza Valores, said that a profit-taking movement in Bancolombia's shares continued to be recorded following the gains it obtained Wednesday.

Meanwhile, the shares of the state-owned oil company closed down due to the fall in crude prices abroad. Also today, Ecopetrol's Caño Limón-Coveñas, the country's most important oil pipeline, was targeted in the second attack in less than 24 hours.

In the aviation sector, the Colombian airline Avianca closed the day with gains after modifying its demand for a statement of the illegality of its pilots' strike. The company expects that, with the modification, its demand will be accepted.

The shares of Canacol (+1.24%), Avianca (+0.89%), Cemex (+0.88%), Banco de Bogotá (+0.74%), Éxito (+0.52%), and Grupo Aval (+0.38%) rose, while Conconcreto (-0.98%), Ecopetrol (-0.71%), and Preferencial Bancolombia (-0.59%) fell.

The locally traded U.S. dollar closed the day at 2,943.45 Colombian pesos, marking a 0.22% rise, due to the fall in oil prices abroad. Andres Fonseca, an analyst at Acciones y Valores, said that the falling crude devalues emerging currencies like the Colombian peso against the greenback.

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