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Financial News: COLOMBIA: Colcap Drops 0.32% On Fears Of Possible

COLOMBIA: Colcap Drops 0.32% On Fears Of Possible U.S. Rate Hike

10/23/2017 - 18:56:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.32% Monday, closing at 1,460.36 amid fears over the consequences of an expected interest rate hike in the United States.

Ramses Pestanapalmett, an analyst at Ultraserfinco, said that a report presented by Morgan Stanley points out to Colombia as the country most at risk of negative consequences of an interest rate hike by the U.S. Federal Reserve bank.

Meanwhile, the state-owned oil company Ecopetrol rose 0.35% after signing a memorandum with Malaysia's Petronas to negotiate trade agreements that allow both companies to develop exploration and production projects in the Americas.

Besides, Ecopetrol, the shares of Nutresa (+0.52%), Canacol (+0.43%), Éxito (+0.38%), and Celsia (+0.11%) rose, while ETB (-2.56%), Sura (-1.50%), Grupo Aval (-1.12%), Cemargos (-1.03%), Davivienda (-0.62%), Banco de Bogotá (-0.41%), Conconcreto (-0.40%), Avianca (-0.18%), and Preferencial Bancolombia (-0.12%) fell.

Meanwhile, the locally traded U.S. dollar closed the day at 2,952 Colombian pesos, marking a 0.49% rise, due to the decline of the euro. Agustín Vera, an analyst at Global Securities, said that investors continue to punish the common European currency for political uncertainty in Catalonia.

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