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Financial News: COLOMBIA: Colcap Closes Steady Despite Oil Fall

COLOMBIA: Colcap Closes Steady Despite Oil Fall

10/02/2017 - 20:29:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, closed Monday's session stable, amid a low trading volume, in a day in which oil fell by more than 2%.

Camilo Silva, an analyst at Valora Inversiones, said that the Colcap recorded a mixed behavior among its constituents, while crude prices abroad fell because of the skepticism among market players that the United States could reduce its oil production.

Regarding local companies, the state-owned Colombian oil company Ecopetrol reported that it was included in the technical recovery group of the International Energy Agency (IEA), which includes world powers in the application of this technology of oil production.

Meanwhile, the Colombian government affirmed on Monday that if the Avianca's pilots do not appoint an arbitrator to its litigation against the air company, it will be selected by lottery.

The shares of Cemex (+1.91%), Preferencial Bancolombia (+0.59%), Cemargos (+0.34%), and Éxito (+0.13%) rose, while Grupo Aval (-0.75%), Davivienda (-0.66%), Banco de Bogotá (-0.64%), and Conconcreto (-0.49%) fell.

The locally traded U.S. dollar closed the day at 2,950.00 Colombian pesos, marking a 0.37% rise, as the euro weakened and oil fell abroad. Ramses Pestanapalmett, an analyst at Ultraserfinco, said that the euro is falling against its peers due to the political tensions in Catalonia, where people voted for separating the region from Spain.

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