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Financial News: COLOMBIA: Colcap Rises 0.14% Due To Upward Correction

COLOMBIA: Colcap Rises 0.14% Due To Upward Correction In Bancolombia

06/21/2018 - 17:16:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, rose 0.14% to 1,534.39 points Thursday, due to an upward correction in Bancolombia's shares.

Ramses Pestanapalmett, an analyst at Ultraserfinco, noted that Bancolombia corrected upwards after consecutive falls in previous sessions, due to the expectation generated in the market by the reweighting of its shares in the MSCI index.

The shares of Cemargos (+1.72%), Bancolombia (+1.31%), and Bancolombia Preferential (+0.88%) closed higher, while Avianca (-1.54%), Sura (-1.19%), and Ecopetrol (-1.04%) fell.

The locally traded U.S. dollar closed at 2,952.50 Colombian pesos, marking a 0.94% rise, due to expected rate hikes by the United States Federal Reserve Bank through the next few months.

Wilson Tovar, an analyst at Acciones & Valores, pointed out that the divergence in the monetary policies of the main central banks of the world has boosted the demand for the greenback in recent days.

The Fed's chairman, Jerome Powell, affirmed that the economic conjuncture of the country gives room to keep a gradual increase of the interest rates.

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