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Financial News: COLOMBIA: Colcap Rises 0.93% After Presidential Elections

COLOMBIA: Colcap Rises 0.93% After Presidential Elections

06/18/2018 - 17:15:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.93% to 1,555.54 points Monday, reflecting the results of the second round of the presidential election in Colombia.

The lawyer Iv?n Duque, the candidate of the conservative Democratic Center party, was elected president of Colombia for the period 2018-2022. Duque won an unprecedented 10,369,210 votes (53.98%). His contender, the leftist Gustavo Petro, also achieved a record voting for the left in the country, reaching 8,031,249 votes (41.81%).

Ramses Pestanapalmett, an analyst at Ultraserfinco, noted that the confirmation of the triumph of a pro-market candidate influenced the good performance of the Colcap index on Monday, clearing uncertainty on the part of investors, with a rebound in stocks with a higher weight in the index.

The shares of Bancolombia (+3.27%), Banco de Bogot? (+2.25%), Bancolombia Preferential (+2.00%) and Ecopetrol (+0.84%) closed higher, while Cemex (-2.27%) and ETB fell. (-1.78%) fell.

Meanwhile, the locally traded U.S. dollar closed at 2,923.05 Colombian pesos, marking a 0.95% rise due to the increasing trading tensions between the United States and China.

Wilson Tovar, an analyst at Acciones & Valores, said that trade war is once again the most important driver on the agenda, with investors worried about the intensification of the US-China confrontation.

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