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Financial News: COLOMBIA: Colcap Drops 0.75% As Market Corrects From

COLOMBIA: Colcap Drops 0.75% As Market Corrects From Recent High

09/12/2017 - 19:47:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.75% Tuesday and closed at 1,493.78 points, as investors took a breather after the recent index rise to the highest level since December 2014.

Erika Baquero, an analyst at Alianza Valores, said that the Colombian market closed in negative territory following the rally recorded during the last few days, on the eve of the rebalancing of the FTSE index, which will be effective by the end of the week. The rally involved Colcap's constituents listed in the FTSE index.

Meanwhile, the subsidiary companies of Avianca Holdings mobilized in August 2,680,551 passengers, a figure 4.0% higher than in the same month of 2016. In spite of this news, the airline's shares closed down.

The shares of Corficolombiana (+0.54%), Canacol (+0.51%), and Conconcreto (+0.48%) rose, while ETB (-2.64%), ISA (-2.19%), Banco de Bogotá (-1.97%), and Sura (-0.99%) fell.

The locally traded U.S. dollar closed the day at 2,909.25 Colombian pesos, marking a 0.47% fall, due to the oil spike abroad. Agustín Vera, an analyst at Global Securities, said the oil rallied on the possibility that OPEC members and producers outside the group would extend a 15-month pact to cut output, which would help oil prices in foreign markets.

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