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Colombian Market Update - A Play on Cemargo's Spread

 

August 10, 2017 (Investorideas.com Newswire) Pension Funds were the largest net buyers (USD 37.4mn), followed by foreign investors (USD 15.9mn). The largest net seller was local retail (USD 35.2mn) followed by ADR programs (USD 9.3 mn). Activity showed a mild moderation with a 4.3% y/y decrease on ADTV.

  • During July, ADTV reached COP 113,602 mn (USD 37.44 mn) equivalent to a 3.1% y/y decrease in COP (4.3% y/y in USD). Total traded volume reached COP 2.1 tn, decreasing 6.0% y/y and 14.4% m/m (USD 711.38 mn, showing 8.3% y/y and 16.9% m/m decreases). It is noteworthy that July-17 had 1 less trading day than June-17, explaining a portion of the variation.
  • Foreign Investors continued with a net buying position in Colombia, with a net buying position going from USD 6.4 mn in June to USD 15.9 mn during July, still being the third largest net buyers in the ranking. Their largest net buying position is now set on Cemargos (USD 33.8 mn) while their largest net selling position was on PfCemargos (USD 34.2 mn), setting a play on Cemargos' spread.
  • Local pension funds were net buyers for the eight consecutive month. During July, these players recorded a net buying position of USD 37.4 mn, placing them as the largest net buyers for the month, while they continue with the largest buying position YTD. Pension fund's play for the month was also in Cemargo's spread with their largest net buying position in PfCemargos at USD 36.9 mn and their largest net selling position in Cemargos at USD 30.7 mn.
  • The corporate sector was net seller with USD 5.4 mn but moderated its selling position from USD 124.8 mn during May and USD 8.0 mn during June. However, the corporate sector accumulates has the largest YTD net selling position at USD 364.6 mn.
  • Local retail investors were net sellers for the seventh consecutive month, reaching a net selling position of USD 35.2 mn during July, placing them as the largest net sellers for the month. Local retail had its largest play on Exito with a net buying position of USD 10.7 mn.

For charts, tables and the full report, see the attached file.

Contact:

Steffania Mosquera
+(571) 339 4400 Ext. 1025
smosquera@credicorpcapital.com

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Este mensaje y sus anexos pueden contener información confidencial o legalmente protegida y no puede ser utilizada ni divulgada por personas diferentes a su destinatario. Si por error recibe este mensaje, por favor avise inmediatamente a su remitente y destruya el correo y sus adjuntos. Cualquier uso, divulgación, copia, distribución, impresión o acto derivado del conocimiento total o parcial de este mensaje sin autorización de Credicorp Capital Ltd. y/o cualquiera de sus afiliadas o subsidiarias será sancionado de acuerdo con las normas legales vigentes. El presente correo electrónico sólo refleja la opinión de su remitente y no representa necesariamente la opinión oficial de Credicorp Capital Ltd. y/o de sus afiliadas y/o subsidiarias. Los correos electrónicos son susceptibles de alteración. Ni Credicorp Capital Ltd., ni ninguna de sus afiliadas o subsidiarias serán responsables por el contenido del mensaje. Gracias por su cooperación. This message and its attachments may contain confidential or legally privileged information and may not be used or disclosed by anyone other than the intended recipient. If by mistake, you receive this message, please notify the sender immediately and destroy the message and its attachment. Any use, disclosure, copying, distribution, printing or action arising from the total or partial knowledge of this message without the authorization of Credicorp Capital Ltd. and/or its affiliates or subsidiaries will be punished in accordance with legal regulations. This email only reflects the opinion of the sender and do not necessarily represents the official views of Credicorp Capital Ltd. and/or its affiliates or subsidiaries. E-mails are susceptible to alteration. Neither Credicorp Capital Ltd nor any of its affiliates or subsidiaries is liable for the content of the message. Thank you for your cooperation.

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