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COLOMBIA: Colcap Falls 0.46% As Geopolitical Tensions Hurt Stock Markets

(Agencia CMA Latam) - Colcap, the main index of the Colombian Stock Exchange, fell 0.46% Thursday, closing at 1,463.54 points, tracking the downward trend in emerging markets.

Camilo Silva, an analyst at Valora Inversiones, said Colcap's behavior was in line with that seen throughout emerging markets and in the United States amid growing political tension between Washington and Pyongyang.

Regarding the second quarter results presented by ISA, which closed the day leading the Colombian stock market gains, Silva noted that the positive results revealed sound financial performance both domestically and abroad.

ISA recorded a 363,136 million Colombian pesos net profit in the second quarter of 2017, an 83.5% increase compared to the same period of the previous year.

The shares of ISA (+0.75%), Grupo Aval (+0.38%) and Canacol (+0.20%) rose, while Avianca (-2.79%), ETB (-1.90%), Banco de Bogot√° (-1.78%) and BSE (-1.75%) fell.

The locally traded US dollar closed at 2.999,00 Colombian pesos, a 0.09% drop, due to the geopolitical uncertainty provoked by increased tensions between the United States and North Korea.

Ivan Agudelo, an analyst at Alianza Valores analyst, said that the geopolitical situation generates risk aversion, so investors seek safety in reserve currencies, such as the dollar, the yen and the euro.

by Agencia CMA Latam

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