Six records, in less than eight days, have given the Colombian Stock Exchange a gain of more than $38 billion

The Colombian Stock Exchange (BVC) reached a new record high, its sixth in less than eight days. On the second trading day of the week, its main index, the MSCI Colcap, surpassed 2,041 points, but then retreated slightly to close at 2,035.82 points, according to exchange records.

Between October 23 and November 5, 2025, the BVC's advance was 5.75 percent, which allowed the value of the shares traded there to increase by more than 38.4 trillion pesos or 8.6 percent in that short period, with which the stock market capitalization exceeded 487.1 trillion.

So far this year, that gain in value has reached 155 trillion pesos —an average of 15.5 trillion per month—, indicating a rebound of 46.7 percent in that period, the highest recorded by the country's stock market.

Market capitalization is a measure of the size of a company and the value that the market places on it, which helps investors assess risk and liquidity.

Looking at those figures in dollars , the gain in the last week has been approximately $10.742 billion and over $50.467 billion year-to-date, indicating growth of 9.34 percent and 67 percent, respectively. Today, the BVC's market capitalization in that currency exceeds $125.790 billion, according to the entity's records.

Despite the rapid and sustained progress observed in the BVC since 2023, the market capitalization of the Colombian exchange is still far from other exchanges in the region, such as Chile's, which at the end of last year was around 263 billion dollars or Mexico's, which is around 452 billion.

Despite the observed performance, Colombian stocks continue to trade at a discount compared to their regional peers, according to analysts at BTG Pactual, who point out that "the Colcap index is trading at a price-to-earnings multiple of 7.7 times, below the historical average and markets such as Chile (10.5x) or Peru (8.5x). This suggests an additional appreciation potential of close to 42 percent, if there is a convergence towards historical levels," such as those currently being observed.

The same analysts maintain that the market is attentive to the evolution of the political and regulatory context, as well as to the development of strategic processes in large business groups.

"With still attractive valuations and continuing to improve fundamentals, Colombia is emerging as one of the most interesting bets in Latin America for investors seeking opportunities in regional equities," they comment.

Among the top-performing stocks on Wednesday, Grupo Sura preferred shares stood out, rising 7.1 percent to 44,980 pesos. This was followed by Grupo Sura with a 5.77 percent gain and a closing price of 51,300 pesos, and Grupo Aval with a 4.31 percent increase and a share price of 798.00 pesos.

Meanwhile, the three most traded stocks on the second day of the week were Icolcap with more than 47.731 billion pesos traded, Cibest preferred stock, with 26.451 billion and Ecopetrol stock, with 14.116 billion, the stock exchange reported at the close of the session.

Market analysts believe that if a reduction in the political risk premium materializes, and therefore in the cost of capital, the stock market index could reach levels close to 2,300 points in the coming weeks.

Over the past two and a half decades, the Colombian Stock Exchange (BVC) has undergone several phases in which its main index has changed. Following the merger of the three stock exchanges operating in the country—Bogotá, Medellín, and Cali —in July 2001, the Colombian Stock Exchange General Index (IGBC) was adopted. Seven years later (January 15, 2008), the Colcap index was introduced, and on May 28, 2021, it was replaced by the MSCI Colcap, which has achieved prominence in the global stock market in recent years.