Colombia Markets: COLCAP & the Peso — October 2, 2026
Updated 1 time · Latest: 2 October 2026
Key Facts
- The COLCAP fell 0.75% to 2,530.05 on Thursday 1 October, a day after Banco de la República surprised with a 25-basis-point rate increase to 12.25%.
- The Colombian peso held steady at about 3,310 to 3,313 per US dollar: the RT series shows 3,313.04, 0.61% stronger than its Wednesday close, while the SET-FX close was about 3,310 against 3,307.50 the day before. The RT range was 3,291.54 to 3,342.98.
- The two best-known Colombian names fell in New York: the Bancolombia ADR lost 1.91% to US$91.08 and the Ecopetrol ADR lost 1.27% to US$16.27.
- The index ended September on 2,549.16, so Thursday’s close was 19.11 points lower.
- The policy rate now stands at 12.25%, which raises borrowing costs for companies and households and keeps peso deposits attractive.
Today’s Focus
Colombia’s main stock index, the COLCAP, closed at 2,530.05 on Thursday, down 0.75%. The decline came one day after the central bank raised its benchmark interest rate by 25 basis points to 12.25%.
Higher borrowing costs tend to squeeze company margins and reduce the present value of future corporate earnings, which is why rate rises often weigh on shares.
The peso did not follow shares lower. It ended near 3,313 per dollar in the RT series (the SET-FX close was about 3,310), after a wide intraday swing. Higher local interest rates typically attract carry-trade flows into Colombian bonds and money-market instruments.
For foreign investors, the session showed how a domestic rate decision can hit Colombian shares while the currency holds up.
What matters today. Colombian shares fell while the peso held steady after the central bank’s surprise rate increase.
01 The session in one read
Colombia’s benchmark COLCAP index slipped 0.75% on Thursday, closing at 2,530.05. The fall came after Banco de la República, Colombia’s central bank, raised its benchmark interest rate by 25 basis points to 12.25% on 30 September.
Higher interest rates are a double-edged sword for financial markets. They make a country’s bonds and cash deposits more attractive, but they also raise borrowing costs for companies and can depress the value of future profits.
That tension played out visibly in Thursday’s session. The peso held steady against the US dollar, yet Colombian shares fell. In New York, the ADRs of Bancolombia and state oil producer Ecopetrol both lost more than 1%.
The move in the currency, to around 3,313 per dollar, highlighted how quickly capital can rotate between asset classes when a central bank changes course.
The evidence points to the rate decision rather than a regional sell-off: the COLCAP dropped 0.75% while the peso held steady, and Brazil’s Ibovespa rose 0.46% on the same day. Chile’s IPSA and Mexico’s IPC fell about 0.6%, so the Colombian move was larger than its neighbours’. The variable to watch is whether bank earnings estimates are revised lower in the coming weeks, which would confirm the rate shock is being priced into Colombia’s largest index constituents.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| COLCAP | 2,530.05 | −0.75% | Shares fall a day after the surprise rate hike |
| USD/COP | 3,313 | −0.61% | Peso holds up; RT basis, SET-FX about 3,310 |
| Previous close | 2,549.16 | — | COLCAP on Wednesday 30 September |
The table above captures the split personality of Thursday’s session. Equities fell, but the peso held steady, a combination that usually signals a domestic policy shock rather than broad regional risk aversion.
Wednesday’s USD/COP close in the RT series was 3,333.42, so the peso gained 0.61% on that basis. On the official SET-FX close (about 3,310 versus 3,307.50 on Wednesday) it was close to unchanged. Rio Times · Live Market Intelligence
Live Market IntelligenceColombia — Live Market Board
Colombia — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
COLCAP
2,530.05
-0.75%
—
9.04
9.05
9.02
4,133
USD/COP
3,140
+0.03%
-22.04%
3,139
3,141
3,105
—
BRENT
88.88
-0.03%
+34.42%
88.91
90.07
88.12
29,713
WTI
83.11
-0.11%
+31.57%
83.20
84.35
82.40
166,848
ECOPETROL
16.92
-0.53%
+98.01%
17.01
17.05
16.79
737,591
BANCOLOMBIA
95.87
-2.18%
+96.15%
98.01
100.36
95.73
188,740
GRUPO AVAL
5.40
+2.66%
+76.89%
5.26
5.49
5.32
146,447
TECNOGLASS
42.30
-1.10%
-48.04%
42.77
42.73
42.05
60,908
CREDICORP
375.17
-0.49%
+49.60%
377.00
384.43
372.27
88,375
BUENAVENTURA
34.45
-1.02%
+88.07%
34.80
35.62
34.33
275,831
SOUTHERN COPPER
193.97
-0.26%
+104.01%
194.48
199.36
192.59
367,102
03 Why it moved — central bank surprise bites equities
The trigger was Banco de la República’s decision to lift its benchmark rate to 12.25%, a quarter-point increase from 12.00%. The decision came as a surprise to markets and re-priced Colombian assets.
For banks like Bancolombia, higher policy rates can compress net interest margins in the short run, because funding costs may rise faster than yields on existing loan books.
For companies such as Ecopetrol, the effect is more indirect. Higher rates raise the discount rate applied to future cash flows in valuation models, which mechanically lowers the present value of shares.
Ecopetrol depends on crude revenue, so oil prices matter for the state producer. Investors will also want to see how banks revise their earnings outlooks.
Factory data was firm. The Davivienda Colombia Manufacturing PMI, compiled by S&P Global, rose to 54.6 in September from 54.3 in August, its strongest improvement since October 2025. Industry is still expanding while the central bank tightens, so Thursday’s weakness in shares did not come from a slowdown in factories.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Bancolombia ADR (CIB) | US$91.08 | −1.91% | NYSE-listed bank ADR |
| Ecopetrol ADR (EC) | US$16.27 | −1.27% | State oil producer, NYSE ADR |
| USD/COP | 3,313 | −0.61% | RT basis; SET-FX about 3,310 |
The Bancolombia ADR fell 1.91% and the Ecopetrol ADR fell 1.27% on the New York Stock Exchange. ADR prices are a guide to sentiment, not the local share price in Bogotá, which we could not verify for this wrap.
Rate rises tend to hit lenders and heavily indebted companies hardest, while exporters and holders of dollar earnings can fare better as the peso holds up.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +0.46% |
| COLCAP | Colombia | −0.75% |
| IPSA | Chile | −0.56% |
| S&P/BMV IPC | Mexico | −0.60% |
Colombia’s decline sat in the middle of a mixed regional picture. Brazil’s Ibovespa rose 0.46%, while Chile’s IPSA fell 0.56% and Mexico’s IPC dropped 0.60%.
The divergence suggests country-specific factors, not a single regional macro shock, drove Thursday’s moves. Colombia’s rate surprise was the clearest domestic catalyst in the region.
06 The technical picture
The COLCAP closed at 2,530.05. The index ended 19.11 points below Wednesday. A recovery above 2,549, Wednesday’s close, would argue that the rate shock has been absorbed.
The peso, at about 3,313 per dollar, remains in the middle of its recent range: closes of 3,287 to 3,369 over the last six sessions (RT).
07 What to watch
- Bank earnings revisions: Analysts may cut net-interest-margin forecasts after the surprise hike, which would hit Bancolombia and other financials.
- Oil and Ecopetrol: Oil prices drive Ecopetrol cash flows, so crude and further rate decisions both matter for its share price.
- Peso carry appeal: With USD/COP at about 3,313 and the policy rate at 12.25%, foreign demand for Colombian short-term paper could keep the peso firm.
- COLCAP 2,549 level: A close back above 2,549 would suggest Thursday’s drop was a policy-driven blip; further closes below 2,530 would point to deeper outflows.
Frequently Asked Questions
What is the COLCAP?
The COLCAP is Colombia’s benchmark stock index, tracking the most liquid and valuable companies listed on the Bogotá stock exchange.
Why did Colombian stocks fall on 1 October?
A surprise 25-basis-point interest-rate increase to 12.25% from Banco de la República raised borrowing costs and lowered share valuations.
What did the peso do?
The peso held steady near 3,313 per dollar in the RT series (the SET-FX close was about 3,310), supported by the higher Colombian interest rate.
Which stocks moved the most?
In New York, the Bancolombia ADR fell 1.91% and the Ecopetrol ADR lost 1.27%.
Market data: RT; COLCAP close as reported by Acciones y Valores and Bolsa de Valores de Colombia data
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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