11.03.201820:31:00UTC+00COLOMBIA: Colcap Raises Slightly On Ecopetrol, Caution With Elections

Colcap, the main index of the Colombian Stock Exchange, added 0.41% to 1,480.56 points near Friday's closing, due to the rise of Ecopetrol's shares (+1.01%) in a session marked by a substantial business volume ahead.

The increase in Ecopetrol's stocks tracked the rebound in oil prices abroad.

Analysts at Davivienda Corredores noted that despite the slight rise, the Colombian index remains lagging behind the performance of other Latin American stock exchanges mainly because of the uncertainty for the legislative elections results.

On the business side, Avianca's shares rose by 1.13% despite reports that its subsidiary companies mobilized 2,320,638 passengers in February, 0.3% less than the passengers transported in the same month last year.

The locally traded U.S. dollar closed at 2,868.80 Colombian pesos, marking a 0.25% fall, due to the rebound in oil prices abroad.

"As long as oil prices remain close to US$ 60, the valuations will be limited. There was also a natural reaction before Sunday's legislative elections," said Wilson Tovar, an analyst at Acciones & Valores.