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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