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Financial News: COLOMBIA: Colcap Trades Down With Most Shares In

COLOMBIA: Colcap Trades Down With Most Shares In Red

11/30/2017 - 17:59:00 (RTTNews)

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, falls by 0.32% as it nears the closing time, at 1,445.01 points Thursday with a majority of shares in red.

Erika Baquero, an analyst at Alianza Valores, noted that the state-owned oil company Ecopetrol falls (-0.85%) as a result of a market correction after the gains obtained Wednesday.

Meanwhile, she made a positive reading of the corporate results of Promigas (+0.63%) due to a good operational work, derived from new contracts.

Alianza Valores also estimated the quarterly results presented by Banco de Bogotá (+1.04%) as "neutral" because, despite the operational dynamics and the stability of portfolio metrics, profitability was affected by the lower net income.

Finally, Avianca rises 0.52% after the Supreme Court declared as "illegal" the strike that the company's pilots had for 51 days.

The locally traded U.S. dollar closed at 3,016.90 Colombian pesos, marking a 0.32% rise, following the summit of the Organization of Petroleum Exporting Countries (OPEC) to define the length and duration of the cuts in world crude production. Wilson Tovar, an analyst at Acciones & Valores, indicated that the foreign exchange market had a mixed behavior as the meeting of the cartel developed.

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