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Financial News: COLOMBIA: Colcap Ends 0.03% Higher As Oil Price

COLOMBIA: Colcap Ends 0.03% Higher As Oil Price Decline Limits Gains

08/28/2017 - 20:49:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose slightly (+0.03%), closing at 1,475.67 points Monday, boosted by Suramericana and Bancolombia, but under Ecopetrol's pressure.

Andrés Fonseca, an analyst at Alianza Valores, said that Colcap posted slight gains due to the good performance of Sura, Bancolombia ordinary shares and EEB in a market impacted by the fall in oil prices abroad caused by the Hurricane Harvey's effects in Texas, United States.

The shares of Canacol (+0,93%), Sura (+0,65%), ISA (+0,44%), EEB (+0,25%), and Bancolombia (+0,13%) rose, while Ecopetrol (-0,74%), Avianca (-0,36%), ETB (-0,36%), and Corficolombiana (-0,35%) fell.

The locally traded U.S. dollar closed at 2,946.55 Colombian pesos, marking a 0.76% rise, due to the oil price decline. Andrés Fonseca, an analyst with Alianza Valores, said that the currency is boosted by the expectation of an increase in US crude inventories due to the emergency caused by Harvey, affecting Houston refineries.

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