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Financial News: COLOMBIA: Colcap Rises 0.17% On Crude Rebound Abroad

COLOMBIA: Colcap Rises 0.17% On Crude Rebound Abroad

10/05/2017 - 20:18:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.17% Thursday, closing at 1,486.71 points due to a rebound in the oil prices abroad.

Andrés Fonseca, an analyst at Alianza Valores, noted that commodity-dependent emerging markets, such as Colombia's, were strengthened by the rebound in oil.

The analyst said the investors reacted positively to the historic visit paid by the king Salman of Saudi Arabia to Russia.

Meanwhile, Avianca closed with gains after a court rejected the pilots union's claims against the air company. The pilots' strike already lasts more than two weeks.

Regarding economic indicators, market players are waiting for the release of official inflation data in Colombia.

The shares of Éxito (+1.02%), Conconcreto (+0.99%), ETB (+0.78%), Cemargos (+0.68%), Bancolombia (+0.62%), and Avianca (0,53%) rose, while Nutresa (-0.60%), Davivienda (-0.54%), Canacol (-0.50%), and EEB (-0.25%) fell.

The locally traded U.S. dollar closed the day at 2,925.60 Colombian pesos, marking a 0.33% fall, due to the uncertainty generated by the tax reform proposed by President Donald Trump in the United States.

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