Bancolombia said that the stock portfolio it recommends (Top Picks) for November maintains its composition and is made up of Cementos Argos, Ecopetrol, ISA, GEB and Corficolombiana.
He assured that Ecopetrol continues in the portfolio due to its fundamental potential (41%), possible buyback program and relative discount and warned that its liquidity must be monitored at the end of the year. “Given that, its permanence in the FTSE emerging markets index could be compromised, because it has been low in the last 4 months.”
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So far this year, until November 25, the MSCI Colcap index, without taking into account dividends, has appreciated 17%, staying above the level of 1,335 points during the month.
The financial group said it updated the outlook on local stocks from neutral to positive.
“Although, we are not unaware of the downward risks to which the market is exposed, such as the uncertainty associated with the fiscal decisions that will be made at the national level, concerns about the climate after such a strong El Niño phenomenon this year and trading volumes and liquidity that remain low,” says the report.
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Furthermore, he considered that at this time there are a greater number of associated catalysts that guide this change in perspective, such as the change in the economic cycle, with greater expected growth and lower interest rateswhich allow companies to see their profits increase and have lower financial expenses.
Likewise, he said that we must take into account the change in the political cycle and lower expectations of implementation of reforms that generated uncertaintyas well as the discount that local stocks exhibit compared to their history and regional peers.
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HOLMAN RODRÍGUEZ MARTÍNEZ
Portfolio
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