24.07.201721:23:00UTC+00COLOMBIA: Colcap Reverses Initial Losses And Closes Higher

Colcap, the main index of the Colombian Stock Exchange, rose 0.31% Monday, closing at 1,475.84 points, boosted by a 1.27% increase in Bancolombia's share price and tracking higher oil prices abroad.

Felipe Espitia, an analyst at Alianza Valores, said that the rebound in oil prices after the Saudi Arabia's statement to strengthen the Organization of Petroleum Exporting Countries (Opec) agreement to restrict output boosted asset prices in Colombia.

Beyond Bancolombia, shares of ?xito (+1.21%), Conconcreto (+1.21%) and Cemargos (+1.13%) also increased. Cayac Canacol (-3.14%), Cemex (-1.81%), ETB (-1.05%) and Avianca (-0.55%) posted losses.

Meanwhile, the locally traded US dollar closed at 3,031.00 Colombian pesos, up 0.59%, with investors waiting for the US Federal Reserve Board's meeting conclusion, expected for Wednesday afternoon.

Diego Velasquez, an analyst at Valoralta, said the dollar rose to a high in more than a year while investors are expecting an announcement by the Federal Reserve on US benchmark interest rate.