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Financial News: COLOMBIA: Colcap Falls 0.33% Due To The Drop

COLOMBIA: Colcap Falls 0.33% Due To The Drop Of Ecopetrol And Bancolombia

06/06/2018 - 19:19:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.33% to 1,554.59 points Wednesday, due to the drop in the shares of Ecopetrol and Bancolombia.

Rodrigo Sanchez, an analyst at Ultraserfinco, noted that the state-owned oil company fell beyond 2% marked by the drop in oil prices abroad after the increase in inventories in the United States. Bancolombia fell due to market correction after having closed stable Tuesday.

The shares of Cemargos (+1.99%), Davivienda (+1.15%), and Celsia (+0.97%) rose, while Conconcreto (-5.45%), Ecopetrol (-2.12%), and Preferencial Bancolombia (-0.83%).

The locally traded U.S. dollar closed at 2,830.00 Colombian pesos, marking a 0.86% drop, due to the uncertainty generated in the market by the recent protectionist measures by the government of the United States.

Wilson Tovar, an analyst at Acciones & Valores, noted that the currency traded at levels below the 20-day moving average, accumulating falls for three consecutive days, in response to future retaliation by Mexico and the European Union, after the imposition of tariffs to aluminum and steel imports by the U.S.

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