The Colombian stock index rose to a record high on Monday as investors expect companies to report strong profits in the second quarter, The Wall Street Journal reports.
Colombia’s benchmark IGBC stock index rose 1.2% to a record 12,703.92 points.
Shares of the state-controlled oil company Ecopetrol SA rose 0.9% to COP2,850 and preferred shares of the Bancolombia SA, the country’s largest bank, rose 3.8% to COP25,920.
According to David Aldana, a market analyst with local brockerage Ultrabursatiles, investors are buying shares on the expectations that the bank might be planning a takeover.
The Colombian peso weakened to COP1,878.60 to the dollar from COP1,874 on Friday.
Listed companies must announce second quarter profits before the end of July.
