For U.S.-based investors with Colombian exposure, through the Ecopetrol (EC) and Bancolombia/Cibest (CIB) ADRs, Latin America ETFs, or direct accounts, Wednesday was a reminder that local stocks and the peso move together. The MSCI COLCAP fell 0.73% to 2,488.21, losing its 2,500 support as banks and utilities sold off, while Ecopetrol rallied 2.8% on $100-plus oil. The peso slipped about 0.2% after the Fed’s hawkish hold, trimming dollar returns.
COLCAP broke below 2,500. Top gainer: Mineros (+3.0%) on gold above $4,000; Ecopetrol (+2.8%) was the most traded at COP 52.7 billion. Biggest decliner: ISA (−3.9%), followed by Grupo Aval preferred (−3.8%). USD/COP rose about 10 pesos after the Fed.
Winners and losers
Gold miner rode bullion above $4,000; up about 28% in 2026.
Closed at COP 2,790 with WTI at $102 and Brent at $111; the day’s most traded stock.
The worst performer, closing at COP 27,000 amid a utilities sell-off that also hit Celsia (−2.3%).
Banks broadly lower: Banco de Bogotá −2.3%, Cibest −1.2%.
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Open TradingView → · Affiliate linkThe peso and the Fed
The Fed held at 3.75%–4% but two officials wanted a hike. For Colombia, a December hike would narrow the rate gap that has powered carry-trade inflows and the peso’s roughly 20% rally this year. USD/COP rose 0.22% to 3,157.49. See why the peso is so strong.
Today’s headlines
- Fed: 10–2 hold under Chair Kevin Warsh; a December hike remains possible.
- Oil: WTI +2.6% to $102.48, Brent +2.0% to $111.64, supporting Ecopetrol.
- Gold: above $4,000, lifting Mineros.
- TRM: Wednesday’s official rate was 3,148.02.
- Earnings season: Nutresa reports Friday, Oct. 30; ISA on Nov. 5.
Fundamentals, charts, valuation and side-by-side comparisons of stocks, ETFs and funds worldwide, including Colombian ADRs. There is a free plan to start.
Try Koyfin → · Affiliate linkThe dollar-investor view
| Exposure | Wednesday’s effect in USD terms |
|---|---|
| Ecopetrol (local or EC ADR) | Oil-driven gain, slightly reduced by a weaker peso |
| Bancolombia / Cibest (CIB ADR) | Bank weakness plus a softer peso |
| iCOLCAP / broad Colombia exposure | About −0.7% in pesos, roughly −1% in dollars |
| Peso cash or TES bonds | Small currency loss after the Fed |
The bigger picture for foreign investors: the peso has strengthened about 20% this year on carry-trade inflows. A Fed that leans toward hiking narrows Colombia’s rate advantage, which is the main risk to dollar returns from here.
Critical take
Breaking 2,500 while Ecopetrol rallies is a weak technical signal: the index’s main engine rose, but the rest of the market did not follow. Losses concentrated in banks and utilities, the sectors most sensitive to interest rates. With TES yields above 13% and a Fed that has not ruled out hiking, the cost of capital remains the key brake on Colombian equities, even after a year in which iCOLCAP is up more than 20%.
What to watch Thursday, Oct. 29
- Whether COLCAP reclaims 2,500.
- Peso reaction to Big Tech earnings and Fed repricing.
- Ecopetrol versus crude; Nutresa results on Friday.
📊 Want the bigger picture? Read our stock market week in review.
Sources: TradingView (BVC), Set-FX, Diario del Sur (TRM), Federal Reserve. Oct. 28, 2026 data.
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