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Daily Colombian Equities Bulletin and Fundamentals 1-29-14

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January 29, 2014 (www.investorideas.com newswire) New home sales in the US rose to 414k in december, below estimates (455k). Additionally, the Dallas FED Manufacturing activity index was 3.8, exceeding forecasts (3.5). This week is the FED´s monthly meeting. In the US, markets were negative as the S&P 500 decreased 0.49% and the DJIA decreased 0.26%.

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Latam markets were negative as Bovespa in Brazil decreased 0.18% and Chilean IPSA index decreased 2.14%. The local COLCAP index closed at 1473.27 pts., equivalent to a 1.44% decrease; the total traded volume reached COP 234,603 million (~117 USD MM).

The best performers were PfDavivienda (+1.82%), Ecopetrol (+1.03%) and BVC (+0.89%). On the other hand, the worst performers were Grupo Argos (-5.46%), Pacific Rubiales (-4.52%) and Exito (-4.00%). The most traded shares today were Isagen, Pacific Rubiales and Ecopetrol.

The Colcap index began the week with a negative move, following the downtrend from the last six weeks. PREC closed below COP 30,000/share, a level we have not seen in the last four years. The share has been declining since Colombia´s comptroller energy spoke last week about the STAR project “STAR is falling short of government expectations”. Pacific´s CEO said today the company will publish STAR technology results this month and will be analyze with Ecopetrol to determine the next step.

To Read Complete Report: 1-29-14

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