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COLOMBIA: Colcap Falls 0.16% After Lower IMF Projection For Country's GDP

(Agencia CMA Latam) - Colcap, the main index of the Colombian Stock Exchange, fell 0.16% Wednesday, closing at 1,483.70 points due to the low performance of Bancolombia and the lower projections for the country's Gross Domestic Product (GDP) growth for this year and the next by the International Monetary Fund (IMF).

Andrés Fonseca, an analyst at Alianza Valores, said that the Colcap was influenced by the poor Bancolombia performance. The bank's shares were affected by the report released yesterday by the IMF.

Avianca shares rose 0.36% on reports that the company's talks for an alliance with United moves on despite the pilots' strike.

The shares of Conconcreto (+2.50%), Grupo Aval (+0.37%), Avianca (+0.36%), Ecopetrol (+0.35%), Celsia (+0.21%), and Sura (+0.05%) rose, while Canacol (-1.82%), ISA (-1.44%), Cemex (-1.02%), Preferencial Bancolombia (-0.36%), Bancolombia (-0.25%), and Cemargos (-0.20%) fell.

The locally traded U.S. dollar closed the day at 2,955.10 Colombian pesos, marking a 0.06% fall, due to the uncertainty generated by the U.S. tax reform.

by Agencia CMA Latam

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