Daily Colombian Equities Bulletin and Fundamentals 03-20-14
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March 20, 2014 (www.investorideas.com newswire) Latam markets were mixed as Bovespa in Brazil increased 2.29% and Chilean IPSA index increased 1.17%. The local COLCAP index closed at 1592.49 pts., equivalent to a 0.27% decrease; the total traded volume reached COP 124,292 million (~61 USD MM). The best performers were Valorem (+3.85%), Enka (+3.45%) and El Condor (+3.36%). On the other hand, the worst performers were Cemex Latam (-3.56%), PFGrupoArgos (-2.12%) and PfGrupoSura (-1.45%). The most traded shares today were Pacific Rubiales, PfBancolombia and Ecopetrol.
According to Reuters, Ecopetrol have launched a bid to buy a shipment of gasoline RON 92 of near 260,000 and 300,000 barrels, which would be delivered at the port of Mamonal between 13 and 15 April. The request was made because the company closed Cartagena Refinery for modernization work and expansion of the crude distillation unit and cracker that has capacity of 80,000 barrels per day.
In the US, markets were positive as the S&P 500 increased 0.72% and the DJIA increased 0.55%.
In the two day reunion of the Federal Open Market Committee (FOMC), the US Federal Reserve decided to make a further USD 10 billion reduction in its monthly bond purchase, so the quantitative easing will be reduced from USD 65 billion to USD 55 billion since April. The Fed also announced that will tie borrowings costs to a 6.5% unemployment rate but also, it would rely on a wide range of measures deciding when to raise interest rates. Fed Interest rate stood at 0.25% however, Fed officials predict target interest rate would be 1% at end of 2015.
US' current account for 4Q13 registered a lower deficit than 3Q13 of USD 81.1 billion from a revised figure of USD 96.4 billion
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