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Financial News: COLOMBIA: Colcap Falls As Ecopetrol And Financials Shares

COLOMBIA: Colcap Falls As Ecopetrol And Financials Shares Lose Strength

11/10/2017 - 17:31:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, was 0.49% lower Friday at 1,433.37 points, due to the low performance of shares of Ecopetrol and the financial institutions.

Marcela Ramírez, an analyst at Acciones & Valores, said that the state-owned oil company was under the influence of lower oil prices abroad and weaker-than-expected quarterly results.

Avianca leads the market (+2.48%) after at least 700 pilots affiliated with the Colombian Association of Civil Aviators (Acdac) agreed at midnight Thursday to end a 51-day strike that has affected Avianca operations. Workers voted in assembly to return to work on Monday.

The shares of Avianca (+2.48%) and Cemargos (+0.64%) rose, while Canacol (-1.37%), Celsia (-0.88%), Ecopetrol (-0.82%), Bancolombia (-0.61%), Corficolombiana (-0.55%), and Sura (-0.54%) fell.

Meanwhile, the locally traded U.S. dollar closed the day at 3,008.00 Colombian pesos, marking a 0.07% drop, as investors wait for news on the tax reform in the United States.

There will be no session in Colombia on Monday due to a holiday.

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