Colombia Stocks Fall 0.84% as Oil Slumps | Colombia Market Report, Nov 4
Key Facts
- The COLCAP, Colombia’s main stock index, closed at 2,506 a fall of 0.84% on the session, just above the round 2,500 mark that traders will now watch.
- The peso weakened to 3,250 per US dollar a rise of 0.75% in the dollar’s price, and the second up session in a row for the dollar against the peso.
- Oil was the culprit, with the main oil fund (USO) down 8.07% on the session and 12.70% over five sessions, which hits an economy that lives off crude exports.
- Colombia lost out while its neighbours won as Chile’s IPSA rose 2.52%, Peru’s BVL rose 1.88% and Mexico’s IPC rose 1.71% on a calmer, cheaper-dollar day.
- The peso is 15.9% below its 12-month high of 3,864 set on 18 December 2025, but 7.0% above its 12-month low of 3,038 from 22 August 2026.
Today’s Focus
Colombia’s stock exchange reopened this week after Monday’s All Saints’ Day holiday, and the first full read on the market was a soft one. The COLCAP, the benchmark index of the country’s most traded shares, closed at 2,506, down 0.84% on the session.
The peso, Colombia’s currency, also lost ground. It ended at 3,250 per US dollar, and because a higher number means a weaker peso, the 0.75% move is a loss for the local currency.
The reason sits in the oil market. The main oil fund (USO) fell 8.07% on the session and 12.70% over five sessions, and crude is Colombia’s biggest export.
The timing makes it stand out. Wall Street, the dollar index and bond yields all pointed to a relaxed day for emerging markets, and Colombia’s neighbours rallied.
What matters today. Oil, not global mood, decided Colombia’s day — and that makes the peso and the stock index more fragile than their Latin American neighbours.
01 The session in one read
Colombia’s exchange was shut on Monday 2 November for All Saints’ Day, so there was no session and no report that day. Trading resumed after the holiday, and the COLCAP closed at 2,506, down 0.84%.
The peso slipped too, finishing at 3,250 per US dollar. That is 0.75% more pesos needed for each dollar.
It was a lonely move. Chile’s IPSA rose 2.52%, Peru’s BVL rose 1.88%, Mexico’s IPC rose 1.71% and Brazil’s Ibovespa rose 1.23%.
Think of the region as a fleet sailing in a rising tide, with Colombia the one boat carrying a heavy cargo of oil that suddenly lost value.
Every usual global driver was friendly: the dollar index fell 0.37%, the US 10-year yield dropped 5 basis points and the S&P 500 rose 1.58%. Yet Colombia fell, and the best-supported explanation is the 8.07% slide in the oil fund, with local budget worries and a delayed gas project as smaller weights.
We rate this medium confidence because the oil link is well supported by the neighbours’ behaviour, but no per-share data is cleared for Colombia today. The variable to watch is the oil price: if it steadies, the peso should follow the region higher.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| COLCAP close | 2,506 | −0.84% | Benchmark of Colombia’s most traded shares; a soft restart after the holiday |
| Session range | — | — | Intraday high and low not available |
| USD/COP (pesos per dollar) | 3,250 | +0.75% | Weaker peso; second up session in a row for the dollar |
| 12-month high for the dollar | 3,864 (18 Dec 2025) | −15.9% | The dollar now sits 15.9% below that peak, so the peso is still far stronger than last December |
| 12-month low for the dollar | 3,038 (22 Aug 2026) | +7.0% | The dollar is 7.0% above its low, a gentle drift back from the peso’s best level |
| Key technical level | 2,500 on the COLCAP | — | A round number just 6 points below the close |
The table tells a two-speed story. The stock index is hovering just above a round number, while the peso is mid-way between its strongest and weakest points of the past year.
Over five sessions the dollar has risen 3.20% against the peso, and over 60 sessions it has risen 3.7%. Over 20 sessions the gain is only 0.35%, so the recent weakness is a sharp short burst on a slower drift. Rio Times · Live Market Intelligence
Live Market IntelligenceColombia — Live Market Board
Colombia — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
COLCAP
2,506.42
-0.84%
—
—
—
—
—
USD/COP
3,149
+3.06%
-18.02%
3,056
3,173
3,111
—
BRENT
109.58
-5.38%
+66.99%
115.81
111.92
109.00
34,268
WTI
100.12
-1.61%
+63.30%
101.76
102.82
99.77
201,568
ECOPETROL
17.36
-0.23%
+86.31%
17.40
17.71
17.22
402,817
BANCOLOMBIA
96.18
-0.23%
+68.95%
96.40
97.45
95.66
85,636
GRUPO AVAL
4.76
+0.42%
+13.67%
4.74
4.82
4.68
90,387
TECNOGLASS
37.99
-0.07%
-36.40%
38.01
38.14
37.61
35,541
CREDICORP
368.43
-1.49%
+43.59%
374.02
378.12
368.43
62,467
BUENAVENTURA
28.65
+0.72%
+33.16%
28.44
28.71
27.87
314,023
SOUTHERN COPPER
192.19
+3.32%
+50.65%
186.01
193.86
185.75
649,631
03 Why it moved — oil’s sharp fall hit a crude-dependent economy
First and heaviest cause: oil. The main oil fund (USO), which tracks the crude price, fell 8.07% on the session and 12.70% over five sessions, and Colombia earns much of its foreign currency from crude exports.
Cheaper oil means fewer dollars flowing in, which weakens the peso, and it trims the profits of the oil-linked companies that carry weight in the COLCAP. Confidence: medium to high.
The US weekly oil report supports the idea of a market in flux. The Energy Information Administration (eia.gov) put US commercial crude stocks at 409.8 million barrels for the week ending 30 October, 0.9 million lower than the prior week, while distillate (diesel-type) stocks fell 3.6 million to 99.3 million barrels.
The cross-asset check shows why Colombia was the odd one out. The dollar index, which measures the US currency against a basket of rivals, fell 0.37% and the US 10-year Treasury yield (the government’s borrowing cost) eased 5 basis points to 4.90%, one basis point being a hundredth of a percentage point.
The S&P 500, Wall Street’s main index, rose 1.58% to 7,689, helped by relief after Democratic election wins in the US. Those forces usually lift emerging markets, which is why oil is the best explanation for Colombia’s underperformance.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Oil fund (USO) | 145.41 | −8.07% | The main weight on Colombia; down 12.70% over five sessions |
| US dollar index | 101.49 | −0.37% | A softer dollar normally helps emerging currencies |
| US 10-year Treasury yield | 4.90% | −5 basis points | Cheaper US borrowing eases pressure on risk assets |
| S&P 500 | 7,689 | +1.58% | Wall Street rallied; the 52-week high is only 1.7% away |
| VIX fear gauge | 16.61 | −20.26% | Wall Street’s volatility gauge calmed sharply |
| Gold | US$3,953 per ounce | +0.38% | A modest gain; havens were not in demand |
No per-share data for Colombian companies is cleared for this wrap, so the table reads the forces behind the index rather than individual shares. Oil stands apart: everything else on the list leaned towards a good day for risk.
The VIX, often called the fear gauge, fell 20.26% to 16.61. When fear drops like that, money usually flows to riskier markets, which is exactly what happened in Chile, Peru and Mexico.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +1.23% |
| IPC | Mexico | +1.71% |
| IPSA | Chile | +2.52% |
| BVL | Peru | +1.88% |
The live market board above carries the closes for every index; this table shows the moves. Chile led the region, while Colombia was the only decliner on our board.
The currency picture was just as clear. The Chilean peso strengthened 1.58% against the dollar, the Mexican peso 1.12% and the Brazilian real 0.56%, while the Colombian peso went the other way.
For a reader in Sao Paulo, Mexico City or Lima, the lesson is that a cheaper oil price splits the region. Net oil importers such as Chile and Peru’s metals-led market gain from calm, while Colombia feels the pinch.
06 The technical picture
On the COLCAP the nearest support is the round 2,500 level, only 6 points below the close of 2,506. A clean break under it would turn a one-day dip into a trend worth watching.
For the peso, the nearest resistance for the dollar is the round 3,300 mark, with 3,200 as the first support below the current 3,250. The wider map is the 12-month range: 3,038 at the bottom and 3,864 at the top.
Does this stop? It can, if oil stabilises, because the global backdrop is friendly. If crude keeps sliding, the dollar’s two-session run against the peso could stretch further.
For an ordinary investor, expat or traveller, a dollar buying 3,250 pesos is still a stronger peso than last December, when it bought 3,864. Anyone converting money should watch the 3,300 mark rather than chase a single day’s move.
07 What to watch
- Oil price: Whether the oil fund (USO) steadies after its 8.07% drop; it is the main driver of both the peso and the COLCAP.
- COLCAP at 2,500: A close below this round number would turn a soft day into a technical warning.
- Mexico’s rate decision: Mexico’s central bank decides on 5 November at 19:00 Lisbon time (previous rate 6.5%), a guide to how the region’s borrowing costs are moving.
Background: Colombia Stocks Rise 1.32% as Peso Weakens.
Background: Colombia Stocks Flat as Peso Falls 1.83%.
Frequently Asked Questions
How did the COLCAP close?
The COLCAP, Colombia’s main stock index, closed at 2,506, down 0.84% on the session after the Monday holiday.
How did the Colombian peso do?
The peso weakened to 3,250 per US dollar, a 0.75% rise in the dollar’s price, but it is still 15.9% below the dollar’s 12-month high of 3,864.
Why did Colombian stocks fall when others rose?
The best-supported reason is the 8.07% fall in the main oil fund (USO), since Colombia depends on crude exports, while peers such as Chile and Peru gained from a softer dollar.
Was the Colombian market open on 2 November?
No, the exchange was closed on Monday 2 November for All Saints’ Day, so there was no session and no report that day.
Market data: The Rio Times; exchange figures from BVC
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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