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COLOMBIA: Colcap Trades Near Stability

(Agencia CMA Latam) - Colcap, the main index of the Colombian Stock Exchange, traded slightly higher (+0.09%), at 1,446.50 points Friday, supported by an increase in oil prices abroad.

David Santos, an analyst at Compass group, said that the Colcap remains in positive territory due to Ecopetrol's shares performance, triggered by a spike in crude prices after the Organization of the Petroleum Exporting Countries (OPEC) extended an oil production cut through the end of 2018.

The shares of Davivienda (+2.41%), Canacol (+1.34%), Grupo Aval (+1.21%), Ecopetrol (+1.14%), Cemex (+1.10%), Avianca (+0.69%), Nutresa (+0.44%), and Cemargos (+0.19%) are up, while ETB (-1.96%), Celsia (-1.04%), Bancolombia (-1.03%), and Preferencial Bancolombia (-0.62%) are down.

The locally traded U.S. dollar closed at 2,997.60 Colombian pesos, marking a 0.63% fall due to uncertainty surrounding a tax reform sponsored by President Donald Trump in the United States.

Wilson Tovar, an analyst at Acciones & Valores, pointed out that the president of the Federal Reserve of New York, William Dudley, issued a strong criticism of the tax reform. He considers the move an unneeded fiscal stimulus in an economy with full employment.

by Agencia CMA Latam

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