Remaining IGBC Bulls

Another record-breaking close in Colombia's benchmark IGBC equity index on August 31 has reinforced our long-held bullish conviction on the bourse. The strong fundamental outlook, driven by the country's impressive growth prospects and likely upgrade to investment status within 12 months, will presage further gains, in our view. Moreover, without any technical resistance to the IGBC at these new heights, there is little to indicate at what level the rally might stop. That said, for the time being we are not getting too carried away as the index looks slightly overbought on the relative strength index (RSI).

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