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COLOMBIA: Colcap Rises Slightly Despite Negative Earnings Reports

(Agencia CMA Latam) - Colcap, the main index of the Colombian Stock Exchange, is rising 0.09% shortly before closing Tuesday to 1,447.55 points, despite negative corporate quarterly results.

Corficolombiana published the main earnings report of the Colombia stock exchange and said that its net income decreased by 25.5% in the third quarter from a year before. The results were weak, according to Alianza Valores brokerage.

Banco Davivienda, another financial sector company, also published less than great results, with a 24.8% decrease in the third quarter net profit compared to a year ago.

Bancolombia's shares were among the few financial sector shares rising (+0,69%), amid a market correction, said Marcela Ramírez, an analyst at Acciones & Valores, and counterbalanced the price decline of Ecopetrol's stock.

The locally traded U.S dollar closed at 2,994.25 Colombian pesos, marking a 0.68% fall, due to an oil price spike abroad. Saudi Arabia's oil export report in September showed an output decline to the lowest level in six years. Wilson Tovar, an analyst at Acciones & Valores, noted that the rise in crude prices favors emerging currencies compared to the greenback.

by Agencia CMA Latam

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