Colombia’s COLCAP index loses 1.25% amid Ecopetrol decline — The Rio Times

In Colombia, on October 22, the main COLCAP stock index fell by 1.25% to 2,528 points, erasing the previous session’s 1.07% gain. One of the key factors behind the decline was a 1.64% drop in shares of the state-owned oil company Ecopetrol, to 2,700 Colombian pesos.

The peso also weakened

The Colombian peso depreciated by 0.52% to 3,196.79 pesos per US dollar, while the official TRM reference rate for that day stood at 3,191.47 pesos per dollar. According to The Rio Times, the currency weakened amid a sell-off in technology stocks and other risky assets on global markets.

Ecopetrol’s American depositary receipts in New York lost 1.33%. The publication notes that the company’s shares declined despite rising oil prices.

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Movement in regional stocks and indices

Among notable changes on the Colombian market, Corficolombiana shares rose by 2.87%. Meanwhile, Davivienda Group lost 2.58%, Cementos Argos fell 1.77%, retailer Éxito declined 1.41%, and Grupo Sura dropped 1.38%.

Other leading Latin American stock indices also recorded declines: Chile’s IPSA fell 1.88%, Brazil’s Ibovespa dropped 1.15%, and Mexico’s IPC declined 1.25%. In the United States, the S&P 500 index fell 1.21%, while the Nasdaq, according to the publication, lost about 2.6%.