Colombian Markets Post Fourth Straight Gain as Peso Strengthens
The COLCAP index climbed to 2,584 points and the peso firmed against the dollar, driven by falling economic uncertainty and a draft reform on pension-fund investment rules.
Colombia's COLCAP index rose 0.57% to 2,584.02 points on September 11, its fourth consecutive advance, while the MSCI COLCAP benchmark added 1.65% to reach 2,626.71 in a session marked by growing local optimism over policy shifts under the incoming administration.
The peso also gained ground, with the USD/COP rate slipping to 3,109.5, a 0.24% decline in the pair, as investors responded to a Fedesarrollo report showing a sharp drop in economic uncertainty.
Adding to the positive tone, the Finance Ministry published a draft measure to repeal pension-fund limits on international investments, a move analysts say could redirect capital flows toward domestic assets.
The market momentum arrives against a backdrop of rising inflation, with annual price growth reaching 6.24% in August, above the 6.1% forecast, leaving the Banco de la República with a delicate balancing act as the new government prepares to take the reins.
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Reportado por El Paisa, nuestro corresponsal colombiano.