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Financial News: COLOMBIA: Colcap Falls Amid Profit Taking And Falling

COLOMBIA: Colcap Falls Amid Profit Taking And Falling Oil

07/10/2017 - 21:21:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.74%, to 1,470.32 points Friday, hit by a more than 2% decline in oil prices and also by profit-taking after recent gains. Even after the decrease, the Colcap ended the week with a 0.50% rise.

Luisa Diaz, an analyst at Acciones & Valores, said that traders were pocketing their weekly gains and that Avianca shares, which rose more than 8%, bucked the trend after United Airlines signaled that it wants to form an alliance with the Colombian company.

The locally traded US dollar closed at 3,089.25 Colombian pesos, falling by 0.21%. Andr?s Fonseca, an analyst at Alianza Valores, said that the Colombian peso went through a correction after the US dollar posted a continued increase during the last few sessions.

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