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Medellín.-Bancolombia’s Top Picks portfolio for March had a change. Ecopetrol exited and Celsia entered in its place. Thus, in the third month of the year, the portfolio is made up of Cementos Argos, Celsia, Interconexión Eléctrica (ISA), Grupo Energía Bogotá (GEB) and Grupo Argos.
This change is in line with the recent news about Celsia, which we consider positive (purchase flows due to Msci Colcap rebalancing, buyback program and dividend to be proposed) and with the forecast decrease in Ecopetrol’s reserves in 2023 (-4.2%) by Bancolombia’s economic research team.
So far this year, the Msci Colcap index has increased 8%, remaining above the 1,220 point level in February. Despite the upward behavior of the last sessions and the fact that the index could reach the next resistance of 1,338 points, we do not rule out devaluations in the short term due to the execution of the rebalancing of the Ftse, with the exit of Bancolombia Ordinary and PFAval from its indexes and the movement of ISA from large cap stocks to mid-cap stocks.
This will be effective as of March 18, 2024.
In line with the above, Bancolombia indicated, «we maintain a neutral positioning in the local equity market. Although we recognize that local equities exhibit attractive valuations and important efforts are being made to boost them, we remain neutral in the local equity market.
