The Colombian Stock Exchange ranked among the most profitable stock exchanges in the world during the first half of this year.

The Colombian Stock Exchange (BVC) ranked among the most profitable stock exchanges on the planet, while several of its indicators showed a notable recovery in the first half of the year, according to the entity's management, who reported that its main indicator, the MSCI Colcap, accumulated a price return of 20.9 percent and a dividend yield (dividend return received by shareholders) of 7.4 percent, surpassing several of its peers in Latin America and emerging markets.

The report submitted by the entity indicates that the Equity, Fixed Income, and Derivatives markets registered trading growth of 64, 39, and 7 percent, respectively, compared to the first half of 2024.

In terms of trading volumes, the country's stock exchange reported a daily average of 127.833 billion pesos, bringing the total amount traded in the first six months to more than 15.3 trillion pesos.

Regarding the performance of the Colombian Global Market (MGC), the daily trading average grew 113 percent over the same period, reaching nearly 14 billion pesos and totaling 1.7 trillion pesos in the first half of 2025.

The exchange also reported that funding operations grew 30 percent, reflecting greater dynamism in equity financing strategies , a performance that helps reaffirm the strength of the Colombian stock market and its ability to attract local and international investors.

The stock market's balance sheet also highlights the dynamics of digital platforms, through which a greater number of individuals are gaining access to the market. In the first six months of the year, so-called e-trading grew 77 percent, while accounts with deposit balances for these individuals grew at a rate of 5.2 percent, totaling 1,050,990 accounts, of which 552,639 are active.

According to the BVC, among the most traded shares on the local market, the preferred share of Grupo Cibest stood out, with a

Average daily traded volume 31.267 billion pesos, followed by Ecopetrol with 27.518 billion, Grupo Cibest ordinary (10.514 billion), Grupo Sura preferential (8.123 billion) and ISA (6.996 billion).

The report adds that the growth in trading was driven by various types of investors, with a notable increase in participation for brokerage firms holding proprietary positions (+140 percent), AFPs (+70 percent), foreign investors (+44 percent), and individuals (+60 percent).

The entity specifies that these increases demonstrate a cross-sectional strengthening of the stock market, which brings together institutional and retail investors, both domestic and foreign. Together, these results reaffirm the strength of the Colombian equity market, which combines attractive valuations, growing liquidity, sector diversification, and increasingly broad access thanks to the use of digital platforms.

The fixed-income market managed by the BVC also showed signs of recovery in the first part of the year. The average daily volume moved by the sovereign debt spot market reached 2 trillion pesos, a figure that represents a 28 percent increase compared to the figure recorded in 2024.

Regarding simultaneous operations on TES, growth was 35 percent, reaching an average daily volume of 4.25 trillion pesos. The most traded references, including the SEN market, were bonds maturing in 2027, with an average daily volume of 723 billion pesos.

In terms of participants, the main buyers of sovereign debt were foreign investors, with net purchases of 12 trillion pesos so far this year, followed by insurance companies, pension fund managers, and trust companies, which also showed active participation.

Credit institutions and brokerage firms led the selling positions.

In the corporate debt market, the average daily volume reached 870 billion pesos, reporting a 37 percent growth compared to 2024. Simultaneous operations, in contrast, registered a 15 percent reduction, going from 130 billion to 111 billion pesos per day, reflecting an adjustment in short-term funding strategies.

Investors' preference for trading fixed-rate securities remains. This trend in fixed-income securities was also reflected in the primary placement of CDs, which reached a total of 65 trillion pesos through 2025, of which nearly 40 trillion corresponded to fixed-rate indexed issues. The distribution of these issues showed that 46 percent was placed for terms of up to one and a half years, while 18 percent was for terms of more than 10 years.

Finally, the Standardized Derivatives market maintained solid and sustained growth in the first half of the year, consolidating its position as one of the fastest-growing segments within the capital markets. The total trading volume

amounted to 127 billion pesos, surpassing the 119 billion pesos recorded in the first half of 2024, reflecting a significant increase in activity compared to the same period last year.

According to the BVC, the average daily trading volume increased from 985 billion pesos to 1.1 trillion pesos, equivalent to a growth of nearly 7 percent , driven primarily by the dynamism in Exchange Rate Derivatives, which grew 9 percent to reach 802 billion pesos daily.

Interest Rate Derivatives trading increased 2 percent, reaching 251 billion daily, and Equity Derivatives grew 28 percent, reaching 1.8 billion daily.