Colcap, the benchmark index of the Colombian stock market, was up 0.09% at the end of Monday’s session at 1.444,87 points, boosted by an increase in Bancolombia and Nutresa’s shares. Ecopetrol’s price decline, however, limited the index rise.
Marcela Ram?rez, an analyst at Acciones & Valores, said that Ecopetrol (-0.86%) is reacting to the oil price decline, amid growing skepticism about a potential deal to curb production and increase prices in the next OPEC meeting, at the end of this month.
Rising stocks included Promigas (4,99%), ISA (1,06%), Cemargos (0,92%), Cemex (0,90%), Nutresa (0,37%) and Preferencial Bancolombia (0,27%), while falling shares included Canacol (2,68%), and Conconcreto (1,48%).
The locally traded US dollar rose 0,46%, to 3,014.90 pesos, boosted by falling oil prices, which in turn increased risk aversion and weighed on emerging market currencies, said Agust?n Vera, a Global Securities analyst.
The material has been provided by InstaForex Company – www.instaforex.com