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Financial News: COLOMBIA: Colcap Falls 0.26% On Bancolombia, Ecopetrol Dro

COLOMBIA: Colcap Falls 0.26% On Bancolombia, Ecopetrol Drop

08/24/2017 - 19:41:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.26% Thursday, closing at 1,477.41 points, primarily due to Bancolombia and Ecopetrol.

Ramses Pestanapalmett, an analyst at Ultraserfinco, noted that the underperformance shown by Bancolombia confirms that there is a deterioration in its portfolio, in line with a report on credit institutions that revealed a generalized portfolio deterioration in the financial sector.

Meanwhile, Ecopetrol reported that the Ministry of Labor imposed an 88.494 billion Colombian pesos fine (US$ 29.71 million) on the company for an alleged failure to comply with the Labor Code. The oil company said it would appeal the decision.

Meanwhile, Avianca's shares closed higher after the airline reported that it agreed to finalize an agreement that ends more than four years of misunderstanding with a local union related to workers claims.

The shares of ETB (+2,56%), Grupo Aval (+1,54%), Corficolombiana (+1,21%), Avianca (+0,55%), Cemargos (+0,38%) and Davivienda (+0,24%) rose, while Bancolombia (-1,83%), Bancolombia Preferencial (-1,44%) and Ecopetrol (-0,72%) fell.

The locally traded U.S. dollar closed at 2,898.00 Colombian pesos, marking a 0.67% fall, on the eve of a meeting of central banks governors in Jackson Hole.

Wilson Tovar, an analyst at Acciones & Valores, said that the bulk of Latin American currencies started the day presenting valuations, taking advantage of the weakness of the U.S. dollar and the stabilization of global risk levels.

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