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Financial News: COLOMBIA: Colcap Falls 0.26%, Tracking Oil Prices Abroad

COLOMBIA: Colcap Falls 0.26%, Tracking Oil Prices Abroad

09/10/2017 - 17:21:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 0.26% Friday, closing at 1,499.58 points, tracking the fall of oil by more than 3% of oil prices abroad and risk aversion for natural disasters. The Colombian market rose 0.36% in the week.

Marcela Ramirez, an analyst at Acciones & Valores, said that the collapse of oil prices abroad was caused by investors' aversion to risk of damages caused by the hurricanes Irma and José in the United States. Ramirez said that these facts added to the earthquake in Mexico overnight affected the performance of the commodity.

Bancolombia fell although Fitch Ratings has granted its subsidiary Bancolombia Puerto Rico International (BPR) the BBB rating with a stable outlook.

The shares of Suramericana (+0.40%), and ETB (+0.37%) rose, while Cemargos (-0.95%), EEB (-0.75%), Ecopetrol (-0.73%), Bancolombia (-0.71%), Banco de Bogotá (-0.63%), and Preferencial Bancolombia (-0.34%) fell.

Meanwhile, the locally traded U.S. dollar closed the day at 2,906.50 Colombian pesos, marking a 0.05% fall, due to the risk aversion generated by hurricanes. Agustín Vera, an analyst at Global Securities, said that the greenback dollar continued to lose, while gold and the yen rose because of uncertainties about the impact of the hurricanes Irma and José in the United States.

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