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Financial News: COLOMBIA: Colcap Trades 0.98% Lower, Tracking U.S. Stock

COLOMBIA: Colcap Trades 0.98% Lower, Tracking U.S. Stock Markets

02/08/2018 - 19:29:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, was down 0.78% at 1,515.02 points near the end of Thursday's session, due to weakness from Ecopetrol and Bancolombia. Lower oil prices abroad and the bearishness in the United States stock markets weighed on the Colcap's constituents.

Natalia Granados, an analyst at Global Securities, said that the increase in crude oil inventories in the U.S. continues to affect the performance of the state-owned oil company Ecopetrol.

Meanwhile, Global Securities gave a negative reading to Cemex's (-2.61%) corporate results for the fourth quarter.

The shares of Corficolombiana (+1.90%), Canacol (+1.03%), and GEB (+0.50%) rise, while ETB (-2.83%), Cemargos (-1.85%), and Ecopetrol (-1.65%) trade lower.

The locally traded U.S. dollar closed at 2.887 Colombian pesos, marking a 1.30% rise, on the eve of the decision of the House of Representatives of the United States over a two-year financing plan. Wilson Tovar, an analyst at Acciones & Valores, noted that the greenback showed strength during the day, but the risk of a government shutdown in the U.S. remains latent, keeping the market on alert.

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