(Agencia CMA Latam) - Colcap, the main index of the Colombian Stock Exchange, was rising 1.17% at 1,466.37 points Monday due to the rebound of Ecopetrol's shares after Fitch affirmed the state-owned oil company's ratings.
Erika Baquero, an analyst at Alianza Valores, said that the oil price rebound also helped Ecopetrol and the Colcap to move higher.
Earlier, the credit risk agency Fitch Ratings affirmed the Colombian state-owned oil company credit rating at BBB, with a stable outlook. According to Fitch, the ratings reflect Ecopetrol's strategic importance for the South American country, as well as its ability to keep a solid financial profile despite the decline in oil prices abroad.
Avianca is down 1.30% after presenting a decrease in passenger transport in November, during a pilot stoppage that lasted almost two months.
The shares of Ecopetrol (+5.06%), Preferencial Bancolombia (+1.97%), Bancolombia (+1.85%), and Sura (+1.60%) are rising, while Avianca (-1.30%), and ETB (-1.20%) trade down.
Meanwhile, the locally traded U.S. dollar closed at 3,013.00 Colombian pesos, marking a slight rise (+0.05%) due to an increase in the perception of market risk. Daniel Escobar, an analyst at Global Securities, said that the recognition of Jerusalem as Israel's capital by United States President Donald Trump last week increased the perception of market risk while Arab leaders warn of possible violent reactions.
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