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Financial News: COLOMBIA: Peso And Local Stocks Fall Amid Profit-taking

COLOMBIA: Peso And Local Stocks Fall Amid Profit-taking And Risk Aversion

05/03/2018 - 20:43:00 (RTTNews)

(RTTNews) - Colcap, the benchmark stock market index in Colombia, fell 0.81% to 1,553.03 points Thursday, hit by profit-taking amid a bout of risk aversion that hit emerging markets in the region.

Marcela Ramirez, an analyst at Acciones & Valores, said that Grupo Argos' shares felt the profit-taking move more intensely, falling 6%, while Ecopetrol stocks also ended 0.3% lower in spite of higher oil prices abroad.

Bancolombia (1.61%), Conconcreto (0.83%) and Canacol (0.42%), however, ended higher.

The locally traded US dollar rose 0.93%, to 2,858.90 pesos, still influenced by Wednesday's Federal Reserve monetary policy statement, according to Wilson Tovar, an analyst at Acciones & Valores.

The US central bank reiterated that interest rates in the country should rise gradually and pointed out that inflation is heading towards the 2% annual target. Those comments increased market fears of a steeper-than-expected trajectory for the US interest rates, boosting the greenback.

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