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2017.11.1420:36:00UTC+00COLOMBIA: Colcap Falls 0.57% As Bancolombia And Ecopetrol Lose Strength

Colcap, the main index of the Colombian Stock Exchange, fell 0.57% on Tuesday to 1,426.12 points, due to poor performances from Ecopetrol and Bancolombia shares.

Marcela Ram?rez, an analyst at Acciones & Valores, said that the state-owned oil company lost ground after an International Energy Agency report revealed a decrease in the outlook for growth in oil demand.

Bancolombia continues to fall on the eve of the rebalance of the MCSI index.

Cementos Argos was rising 0.11 after reporting a fall of 33.2% in its net profit, to 87 billion pesos, in the third quarter of the year.

Meanwhile, the locally traded U.S. dollar closed at 3,.017.00 Colombian pesos, marking a 0.29% rise, due to the drop in oil prices abroad. Agust?n Vera, an analyst at Global Securities, noted that the International Energy Agency reduced its demand forecast for 2018 by 200,000 barrels per day, to 98.9 million, and said that the world oil market should remain oversupplied in the next few months.

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