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Financial News: COLOMBIA: Colcap Drops 0.03% On The Eve Of

COLOMBIA: Colcap Drops 0.03% On The Eve Of Index Rebalancing

09/14/2017 - 20:43:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.03% Thursday, closing at 1,491.48 points on the eve of the rebalance of the Hcolsel index.

Marcela Ramirez, an analyst at Acciones & Valores, said that the market is expecting the Hcolsel index rebalance to take into effect Friday. The provisional rebalancing reduces the weight of Bancolombia, Corficolombiana, Nutresa and Empresa de Energia de Bogotá (EEB) shares.

Also on Friday, the FTSE index, whose estimates have already been assimilated by the market, according to Andrés Fonseca, an analyst at Alianza Valores, take into effect.

The shares of ETB (+3.53%), Cemargos (+1.75%), Grupo Aval (+1.15%), Canacol (+1.02%), Avianca (+0.51%), and ISA (+0.44%) rose, while Bancolombia Preferencial (-1.26%), Celsia (-0.94%), Bancolombia (-0.89%), and Banco de Bogotá (-0.67%) fell.

The locally traded U.S. dollar closed the day at 2,900.00 Colombian pesos, marking a 0.38% fall, due to the rise in oil prices abroad. Agustín Vera, an analyst at Global Securities, said that data from the Organization of the Petroleum Exporting Countries (OPEC) showed that the 12 members of the cartel forced by the agreement to reduce production complied with the agreement in 91%, which prompted the rise of the oil prices.

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