Colombia’s Colcap index dropped for the second day in a row on Friday. The index shed 0.17% bringing the total on the year to -6.23%. In dollar terms, the index is still slightly positive on the year.
Colombian brokerage firm Interbolsa and Ecopetrol faired the best as they increased 0.95% and 0.93%, respectively. However, the weight of Pacific Rubiales brought the index down as is dropped 2.03%.
Finance Minister Juan Carlos Echeverry discussed growth in Colombia following the positive numbers announced Thursday. He commented that GDP could reach 6% in 2011 as public works in the first quarter were negative but wouldn’t be for the rest of the year according to him.
The peso backed up to 1,796.20 today.
Author Michael Sutton is head of International Trading at Bolsa y Renta.