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Financial News: COLOMBIA: Colcap Falls 0.23% On Increased Risk Aversion

COLOMBIA: Colcap Falls 0.23% On Increased Risk Aversion

09/25/2017 - 20:58:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.23% Monday, closing at 1,482.80 points due to increased tensions between the United States and North Korea.

Felipe Espitia, an analyst at Alianza Valores, said that the Colombian market fell in line with the stock markets worldwide because of the increased perception of risk generated in the market by increased political tensions between Washington and Pyongyang.

North Korea's foreign minister said today that the U.S. President Donald Trump had 'declared war on his country' and that Pyongyang reserved the right to take countermeasures, such as shooting down strategic U.S. bombers even if they were not flying over the country.

Avianca fell 1.20% amid a judicial struggle between the company and the pilots union over a strike launched on September 20. Ecopetrol rose 0.72% after the signing of contracts to explore hydrocarbon reserves in Mexico.

The shares of Davivienda (+0.79%), Grupo Aval (+0.76%), Cemargos (+0.69%), and ISA (+0.59%) also rose, while Bancolombia (-1.51%), Nutresa (-1.41%), and ETB (-1.35%) fell.

The locally traded U.S. dollar closed the day at 2,925.80 Colombian pesos, marking a 0.68% rise, as the euro fell after the release of election results in Germany. Espitia said that the narrow victory of the German Chancellor Angela Merkel in the elections signaled low cohesion inside the eurozone, weakening the common currency against the greenback.

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