France Press agency
The dollar closed on Thursday at $4,102, above the representative market price, which was set for Thursday at $4,026.52 by the Financial Regulatory Authority.
Despite the rally recorded when the markets opened on Tuesday (the first day of trading after Sunday’s election), the currency has been regulating its behavior and even recorded a slight decline between Tuesday and Wednesday. However, there was a noticeable rise this Thursday in the market price.
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The dollar’s behavior goes hand in hand with that of the Colombian Stock Exchange (BVC), which has been down for two days.
On Wednesday, BVC’s Colcap Index recorded a decline of 1.87%. The worst hit was Grupo Sura stock, which fell 6.25% to $36K. Nutresa stock also fell sharply, dropping 5.34%.
It should be noted that the losses in the companies of the so-called Antioquia Business Group (GEA) occurred on the same day as the new restructuring of the Sora Group’s board of directors, which is the third so far this year.
On Thursday, at 1:30 p.m., Colcap was down 2.32% and the most undervalued title was Ecopetrol, down 10.69%. It should be noted that the shares of this company fell on Tuesday by 11.92%. Wednesday’s decline was more moderate, at 4.52%.
Read also: How serious is the Ecopetrol stock market crash? Expert explanation
How are the international markets?
In international markets, Brent oil (the reference to Colombia) started negotiations on a decrease and recorded (at 1:30 pm) a decline of 1.10%, making its price at 110.51 US dollars, according to data compiled by Bloomberg News Agency.
On Thursday, Wall Street opened in the green and the Dow Jones Industrial Average rose 0.54% at the open, as the stock market struggled to recover from heavy losses this year.
US Federal Reserve Chairman Jerome Powell said Thursday that he does not rule out that interest rate increases to reduce inflation will end up with higher unemployment.
On Wednesday, Powell said the central bank was “committed” to lowering inflation. However, he also noted that a recession is a “possibility,” a fear that continues to weigh on Wall Street.
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