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Colombia Stocks Drop Led by Bancolombia; Peso Gains

Colombian stocks fell sharply Monday led by Bancolombia (CIB), the country’s top bank in terms of total deposits, as investors reacted negatively to news the financial institution may issue new shares.

The Colcap index, a benchmark for the Colombian Stock Exchange, declined 0.6% to end at 1,858.65 points.

Shares of Bancolombia fell 2.7% to COP29,400. The bank said Monday it will seek approval for a stock sale during a stockholders assembly scheduled for March 4.

The peso strengthened slightly to COP1,784.10 for a dollar from COP1,786 the previous day.

The yield on Colombia’s peso-denominated bond due in 2020 closed at 4.9% from 4.843% a day earlier.

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Written by Rico

Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!