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Financial News: COLOMBIA: Colcap Rises 0.26% Amid Index Rebalancing And

COLOMBIA: Colcap Rises 0.26% Amid Index Rebalancing And ELN Cease-fire

09/05/2017 - 19:50:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.26% Tuesday, closing at 1,505.23 units, primarily due to the rebalancing of the FTSE index and despite a fall in Bancolombia's shares for profit-taking.

Andrés Fonseca, an analyst at Alianza Valores, said that the rebalancing of the FTSE indexes is still boosting some shares listed in Colcap.

Felipe Espitia, also an analyst at Alianza Valores, said that the bilateral ceasefire agreed by the Colombian government and the National Liberation Army (ELN) improves confidence in the country and depending on how it materializes will be reflected in the market in the medium-term.

The shares of Davivienda (+2.05%), Avianca (+1.58%), Banco de Bogotá (+1.44%), ISA (+1.19%), and EEB (+1.02%) rose, while Bancolombia Preferencial (-1.36%), Bancolombia (-1.29%), and ETB (-1.25%) fell.

Meanwhile, the locally traded U.S. dollar closed the day at 2,934.00 Colombian pesos (+0.1%), ahead of the monetary policy decision to be made on Thursday by the European Central Bank (ECB). According to Felipe Espitia, the greenback rebounds as the euro and the sterling pound lose ground on the eve of ECB's board meeting.

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