COLCAP Slips 0.59% to 2,515, Peso Up 1.5% | Colombia Market Report, Oct 2
Key Facts
- The COLCAP fell 0.59% to 2,515.02 on Friday 2 October, 15.03 points below Thursday’s 2,530.05, in a session led lower by financial, investment-holding and utility shares.
- The Colombian peso strengthened about 1.5%: USD/COP closed near 3,263 in the RT series against 3,313.04 on Thursday, and the SET-FX close was about 3,262. The official rate (TRM) in force on Friday was 3,307.73.
- Financials led the weakness: Grupo Sura preferred fell 3.64%, Corficolombiana preferred 2.23% and Grupo Cibest 2.20%.
- The exchange operator bucked the trend: Bolsa de Valores de Colombia rose 2.71%, ahead of Banco de Bogotá (+2.31%) and Grupo Bolívar (+1.29%).
- US jobs data helped the peso: US payrolls rose by only 29,000 in September against forecasts of 84,000 to 90,000, and unemployment rose to 4.2%.
Today’s Focus
Colombian stocks lost ground on Friday 2 October. The COLCAP index, the basket of the most liquid shares on the Bogotá exchange, closed at 2,515.02 points, down 0.59%. Financial, investment-holding and utility companies did most of the damage.
The peso was the strong side of the market. The US dollar fell to about 3,263 pesos in the RT series, from 3,313.04 on Thursday, a peso gain of about 1.5%. The official rate known as the TRM, the rate certified each day by the financial regulator, was 3,307.73 on Friday. It is set from the previous day’s trading, so it lagged the move.
Trading was selective rather than panicked. Bolsa de Valores de Colombia, the exchange group itself, rose 2.71%, while preferred shares of Grupo Sura, one of the country’s largest financial conglomerates, fell 3.64%. Corficolombiana preferred dropped 2.23% and Grupo Cibest declined 2.20%.
The mood reflects lingering caution after Colombia’s central bank surprised investors on 30 September with a quarter-point rate rise to 12.25%. The peso gained on a day of weak US jobs data.
What matters today. A mild pullback in Colombian shares, led by financials, while the peso jumped after weak US jobs data.
01 The session in one read
Colombia’s benchmark COLCAP index slipped 0.59% on Friday 2 October, closing at 2,515.02. It traded between 2,505.44 and 2,529.34, so the low came within about five points of the 2,500 support level that Valora Analitik watches.
The pressure came from finance, investment holding and utilities. Investing.com reported that declining shares outnumbered advancing ones.
The currency moved the other way. The peso gained about 1.5% on a day when the US jobs report showed payroll growth of only 29,000 in September.
The split matters for foreign investors. A stronger peso lifts the dollar value of Colombian assets, while falling shares show that the central bank’s rate rise is still being priced in.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| COLCAP | 2,515.02 | −0.59% | Financials, holding companies and utilities weigh |
| USD/COP | 3,263 | −1.50% | Peso strengthens; RT close, SET-FX about 3,262 |
| TRM (official rate) | 3,307.73 | −0.15% | In force on Friday, set from Thursday’s trading |
| Previous close | 2,530.05 | — | COLCAP on Thursday 1 October |
The peso moved far more than the official rate suggests. The TRM is certified from the previous business day’s trading, so Friday’s TRM of 3,307.73 (down 5.11 from 3,312.84) reflects Thursday. The SET-FX market, where dollars trade in Colombia, closed Friday at about 3,262 after a range of 3,256 to 3,310, with about US$1.37 billion traded, according to Semana. Rio Times · Live Market Intelligence
Live Market IntelligenceColombia — Live Market Board
Colombia — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
COLCAP
2,515.02
-0.59%
—
9.04
9.05
9.02
4,133
USD/COP
3,140
+0.03%
-22.04%
3,139
3,141
3,105
—
BRENT
88.88
-0.03%
+34.42%
88.91
90.07
88.12
29,713
WTI
83.11
-0.11%
+31.57%
83.20
84.35
82.40
166,848
ECOPETROL
16.92
-0.53%
+98.01%
17.01
17.05
16.79
737,591
BANCOLOMBIA
95.87
-2.18%
+96.15%
98.01
100.36
95.73
188,740
GRUPO AVAL
5.40
+2.66%
+76.89%
5.26
5.49
5.32
146,447
TECNOGLASS
42.30
-1.10%
-48.04%
42.77
42.73
42.05
60,908
CREDICORP
375.17
-0.49%
+49.60%
377.00
384.43
372.27
88,375
BUENAVENTURA
34.45
-1.02%
+88.07%
34.80
35.62
34.33
275,831
SOUTHERN COPPER
193.97
-0.26%
+104.01%
194.48
199.36
192.59
367,102
03 Why it moved: weak US jobs, a strong peso, cautious shares
The US Bureau of Labor Statistics reported that nonfarm payrolls rose by 29,000 in September, against forecasts of 84,000 to 90,000 (RT). The unemployment rate rose to 4.2% from 4.1% in August. Weak US hiring tends to lower US interest-rate expectations, which usually helps emerging-market currencies such as the peso. Local traders linked Friday’s peso move to the data (Semana).
Shares did not share the relief. The central bank’s rate rise to 12.25% on 30 September keeps funding costs high for banks and holding companies, which is where Friday’s selling was concentrated.
There were no Colombian data releases in the RT calendar for Friday. The next ones fall in the coming week: the central bank’s meeting minutes on Monday 5 October and September inflation on Wednesday 7 October.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo Sura (preferred) | Not confirmed | −3.64% | Worst performer in the index |
| Corficolombiana (preferred) | Not confirmed | −2.23% | Financial holding company |
| Grupo Cibest | Not confirmed | −2.20% | Parent of Bancolombia |
| Bolsa de Valores de Colombia | Bogotá listing | +2.71% | Exchange operator, best performer |
| Banco de Bogotá | Bogotá listing | +2.31% | Bank |
| Grupo Bolívar | Bogotá listing | +1.29% | Insurance and financial group |
The Bancolombia ADR rose 0.91% to US$91.91 and the Ecopetrol ADR rose 2.02% to US$16.60 in New York, RT data show, a sign that dollar-listed Colombian names held up better than local shares.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +2.63% |
| COLCAP | Colombia | −0.59% |
| IPSA | Chile | n/a |
| S&P/BMV IPC | Mexico | n/a |
Colombia lagged the region. Brazil’s Ibovespa jumped 2.63% on the last session before its general election, Mexico’s IPC and Chile’s IPSA are left out because their Friday closes could not be confirmed.
The COLCAP was the weakest of the four, which points to a local explanation, the rate decision, rather than a regional one.
06 The technical picture
The COLCAP closed at 2,515.02, 15.03 points below Thursday, after an intraday low of 2,505.44. Valora Analitik places first support at 2,500 and resistance at 2,628. A close below 2,500 would be the first break of that support.
The peso, at about 3,263 per dollar, is at the strong end of its recent range: RT closes since 25 September ran from 3,288.50 to 3,368.67 before Friday.
07 What to watch
- Central bank minutes, Monday 5 October: The minutes should show how the board split on the rate rise, which was a four to two vote with one vote for a larger increase.
- September inflation, Wednesday 7 October: DANE publishes September inflation on Wednesday 7 October. A higher figure would add to pressure on the central bank at its next meeting on 30 October.
- COLCAP 2,500 level: The index tested the line on Friday; a close below it would signal further downside risk.
- Peso after the jobs data: Weak US payrolls helped the peso on Friday; a rebound in the dollar would test the 3,300 area again.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
What is the COLCAP?
It is Colombia’s main stock index, tracking the most traded shares on the Bogotá exchange. A fall means the average value of those companies dropped.
Why did Colombian stocks fall on Friday?
The COLCAP lost 0.59% to 2,515.02 as financial, investment-holding and utility shares fell. Grupo Sura preferred dropped 3.64%, Corficolombiana preferred 2.23% and Grupo Cibest 2.20%, while Bolsa de Valores de Colombia rose 2.71%.
What happened to the Colombian peso?
The peso strengthened about 1.5%. USD/COP closed near 3,263 on Friday in the RT series, and the SET-FX close was about 3,262, against about 3,313 on Thursday. The official rate (TRM) in force on Friday was 3,307.73, because it is set from the previous day’s trading.
What is the TRM?
The TRM is Colombia’s official daily exchange rate, certified by the financial regulator, the Superintendencia Financiera. It is used for contracts, taxes and many local transactions, and it is calculated from the previous business day’s trading.
Market data: RT (USD/COP, ADRs, regional indices, US jobs and calendar); COLCAP close and share moves as reported by Investing.com; SET-FX as reported by Semana and Acciones y Valores; TRM as reported by Portafolio; US jobs from the US Bureau of Labor Statistics
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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