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Colcap, the main index of the Colombian Stock Exchange, fell 0.10% Monday to 1,370.05 points as the market found support by the rebound in the shares of Ecopetrol and Bancolombia.
Rodrigo Sanchez, an analyst at Ultraserfinco, noted that Ecopetrol's stocks rebounded tracking the rise in Brent oil prices amid the increase in political tensions between Saudi Arabia and Yemen.
The president of the Supreme Political Council of Yemen and leader of the Houthi Ansar Allah movement, Saleh al-Sammad, was killed in a strike by the international coalition led by Saudi Arabia.
The shares of Cemargos (+2.37%), ETB (+1.78%), Preferencial Bancolombia (+1.01%), and Ecopetrol (+1.16%) rose, while Grupo Aval (-0.40%) and Sura (-0.11%) fell.
The locally traded U.S. dollar closed at 2.2,817.00 Colombian pesos, marking a 2.02% rise amid the softening in the political tensions between the United States and China.
Marcela Ramirez, an analyst at Acciones & Valores, noted that political tensions were lowered after reports that the U.S. Treasury Secretary, Steven Mnuchin, should visit Beijing to negotiate economic and trade issues. Meanwhile, the nuclear tension in the Korean Peninsula also softened.
