The Colombian IGBC stock index fell Wednesday, pulled down by the shares of the country's largest bank, Bancolombia SA, which fell after shareholders authorized the board to sell as many as 80 million new shares.
The IGBC benchmark index fell 1.5% to 9,811.53 points.
Preferred shares of Bancolombia lost 3.1% to 15,760 Colombian pesos ($7.45).
The bank's board had called an extraordinary shareholders' assembly on Wednesday to approve the new share issuance.
"People didn't expect the bank would go for so many shares," Monica Agudelo, a market analyst with local brokerage Asesores en Valores, said.
Shares of state-controlled oil company Ecopetrol SA (ECOPETROL.BO) lost 1.7%, to COP2,540.
The Colombian peso weakened to COP2,115.26 from COP2,096.85 on Tuesday.
The yield on the benchmark Colombian peso-denominated government bond, or TES, maturing in 2020, rose to 9.028%, from 9.020% on Tuesday. (Dow Jones)
