The Colombian IGBC stock index Thursday fell as investors took advantage of recent price increases to sell and pocket gains.
The IGBC benchmark index fell 0.3% to 14374.50 points. The Colcap index, which includes the largest companies by market capitalization, fell 0.3% to 1730.15 points. The IGBC index had gained 1.4% on Wednesday.
“Several factors are pushing the market upwards, but prices are already very high,” Luis Rodriguez, a market analyst with local consultancy e-Bursatil, said.
He said the IGBC index has a ceiling between 14,640 points and 15,000 points.
Shares of Ecopetrol rose 0.9% to end at a new record high of 3,770 Colombian pesos ($2.09).
The company reported Wednesday that a well drilled in the northeastern province of Norte de Santander found gas methane and yielded about 6.6 million cubic feet of gas a day.
The yield on the benchmark Colombian peso-denominated government bond, or TES, maturing in 2020, rose to 7.327% from 7.31% on Wednesday.
The yield had risen to 7.414% earlier in the session and fell when the rating agency Moody’s upgrade its outlook on Colombia to positive from neutral.
The Colombian peso strengthened to COP1,804 to the dollar.
