Colombia: the stock market collapses after the victory of Gustavo Petro

Colombia: the stock market collapses after the victory of Gustavo Petro

The list is followed by shares of companies such as Enka de Colombia, with a decrease of 9.09%, followed by Corficolombiana, with 8.84%; Electrical Interconnection, with 7.88%; Endorsement Group, with 7.11%; Promigas, with 6.82%; Argos Cements, with 6.16%; Grupo Energía Bogotá, with 5.66%; Bancolombiawith 5.51% and Celsia, with 5.21 percent.

Likewise, with the opening of the markets in the NYSE (NYSE) it was evident that the shares of Colombian companies in the United States fell. Specifically, Ecopetrol lost 10%, Bancolombia 6.67% and Grupo Aval 8.98%.

“In the following days, the behavior will depend on the signals that the new government is giving and additional pressure cannot be ruled out. That said, we do expect an increase in populist proposals in the future given the current political and social context, while the Petro’s government plan is clearly aimed at increasing the role of the state in the economy and withering the oil sector. Thus, fiscal accounts remain our main concern, which should play a role in the markets,” according to an analysis by Credicorp Capital.

According to Juan David Ballén, director of analysis and strategy at Casa de Bolsa, “the fall in shares is explained by the election results and not by the behavior of commodities, since today in the case of oil and gold they are presenting a stable behavior.

In addition, several analysts agree that the names of its ministers will be decisive in order to guarantee confidence to investors and the markets.

Source: Ambito

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