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Financial News: COLOMBIA: Colcap Falls 0.13% Before Presidential Elections

COLOMBIA: Colcap Falls 0.13% Before Presidential Elections

05/25/2018 - 20:00:00 (RTTNews)

(RTTNews) - Colcap, the benchmark stock market index in Colombia, fell 0.13%, to 1,526.36 points, with traders adopting a defensive stance before the first round of the country's presidential elections. In the week, the Colcap fell 0.38%.

Rodrigo Sanchez, an analyst at Ultraserfinco, said that the index reflected a pre-electoral caution and a 3.90% decline in Ecopetrol shares, after a steep decrease in oil prices in international markets.

He added that Bancolombia - another heavyweight constituent of the Colcap - ended 3.59% higher due to investor's appetite for liquid assets before the election results.

The locally traded dollar rose 0.92%, to 2,879.45 pesos, boosted by higher demand for US Treasury notes. according to Marcela Ramirez, an analyst from Acciones & Valores.

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