Taller Taller N° 3 – Mercados Financieros Finan cieros
Título: Acción PFAVA PFAVAL L 1. Índi Índice ce:: Colc Colca a 1.1.!escrición del índice Qué es COLCAP: COLCAP: "s un índice #ue re$le%a las &ariaciones de los •
recios de las '( acciones )*s lí#uidas ertenecientes a la +olsa de Valores de Colo),ia -+VC/ donde la articiación de cada co) co)a0í a0ía a dentr dentro o del del índi índice ce est* est* dete deter) r)in inada ada or or el &alo &alorr de •
Caitaliación +urs*til a%ustada -2ania/ '(13. Cómo se mide: "l C4LCAP entró en $unciona)iento el 15 de enero de '((6 7 su &alor ,ase $ue de 1.((( untos. La canasta del índice desu8s del re,alanceo sie)re est* co)uesta or '( e)isores/ udiendo 9a,er un n)ero )enor de e)isores entre re,alanceos en caso de #ue ocurriese un e&ento #ue in&olucrase la desaarición de una de las acciones re;istradas en la canasta. / en caso de #ue e=ceda este lí)ite su articiación se a%ustar* 9asta el '(> 7 su e=cedente se reartir* entre los de)*s e)isores de la canasta de
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)anera roorcional. -2ania/ '(13 Fórmula: "l &alor del C4LCAP ser* i;ual a la su)atoria del recio de cada acción #ue con$or)a la canasta del índice or el eso #ue
tiene dentro de la )is)a a%ustado or un $actor de enlace. -+olsa de Valores de Colo),ia/ '(13
!onde/ ?-t @ Valor del índice en el instante t. " @ Factor de enlace )ediante el cual se da continuidad al índice
cuando se resente un re,alanceo o reco)osición de la canasta o en caso de darse e&entos cororati&os #ue lle&en a &ariaciones
en el índice. t @ ?nstante en el cual se calcula el &alor del índice. i @ 1/ '//n acciones #ue co)onen el índice. n @ N)ero de acciones en el índice en el instante t. Bi @ Ponderador de la acción i en el instante t. Pi @ Precio de la acción i en el instante t.
Emisor: +olsa de Valores de Colo),ia •
Composición de la canasta del índice: La esecie )*s destacada en el C4LCAP/ con una
articiación del '(.((5>/ es
"C4P"T24L/ le si;uen en i)ortancia PF2DPED2A -su)ada re$erencial 7 ordinaria/ con 13/'G>H PF+C4L4M -su)ada re$erencial 7 ordinaria/ con 13/1(3>H ?NV"2A24E con 11/I56> 7 NDT2"EA/ con I/IJ(>. La caitaliación ,urs*til total de las '1 ertenecientes al índice asciende a C4P K31/' ,illones/ con corte al 31 de enero de '(13. -+olsa de Valores de Colo),ia/ '(13
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Elección del índice: "le;í este índice or#ue al )edir las &ariaciones de las '( acciones )*s li#uidas dentro de la +olsa de Valores de Colo),ia es una ,uena re$erencia ara sa,er có)o se encuentran las acciones re$erenciales de AVAL $rente a otras acciones ta),i8n )u7 lí#uidas dentro de la +olsa.
'. Ee;ui)iento al recio de la acción Ne)ot8cnic o PFAVAL PFAVAL PFAVAL PFAVAL
$ec9a
Cantidad
Volu)en
Precio Cierre
Precio Ma7or
11(I'(13 5/J55/J(G.(( /I1'/16I/J15.(( 1/J((.(( 1/J((.(( 1'(I'(13 1(/335/35G.(( 1J/JG5/313/5J(.(( 1/3G(.(( 1/J15.(( 13(I'(13 1/3J/35G.(( '/3G/G1'/J65.(( 1/36(.(( 1/365.(( 1J(I'(13 1/5G5/61(.(( '/'(5/I35/G5.(( 1/365.(( 1/3G(.((
Precio Medio 1/3G5.35 1/J('.5( 1/36'.5G 1/36'.1J
Precio Variación Variación> Menor A,soluta 1/365.(( 1/3G(.(( 1/36(.(( 1/36(.((
-+olsa de Valores de Colo),ia/ '(13
3. FECHA
PRECIO RENA!ILI"A" RENA!ILI"A" PRECIO CIERRE "IARIA "IARIA COLCAP ACCION ACCI#N COLCAP
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1/'G(.(( 1/3(5.(( 1/'G(.(( 1/'6(.(( 1/'65.(( 1/'G(.(( 1/'5.(( 1/'6(.(( 1/'G(.(( 1/'5.(( 1/'6(.(( 1/'(.(( 1/'6(.(( 1/'5.(( 1/'6(.(( 1/'65.(( 1/'5.(( 1/'65.(( 1/'6(.(( 1/'55.(( 1/'(.(( 1/'6(.(( 1/'G5.(( 1/'65.(( 1/'6(.(( 1/'6(.(( 1/'G5.(( 1/'G5.(( 1/'G5.(( 1/'G(.(( 1/'G5.(( 1/'G(.(( 1/'G5.(( 1/'6(.(( 1/'G(.(( 1/'G5.(( 1/'G5.(( 1/'G5.(( 1/'G5.(( 1/'G(.(( 1/'65.(( 1/'65.(( 1/'G5.(( 1/'G5.(( 1/'65.(( 1/'G(.(( 1/'6(.(( 1/'G5.((
1/6J'.1 1/6J6.J1 1/63'.(J 1/6JJ.33 1/63. 1/63.(1 1/6J(.1G 1/636.( 1/6J1.J' 1/633.36 1/6J5.'' 1/6J3.' 1/65'.G3 1/65I.3I 1/6I3.63 1/6II.I' 1/65G.66 1/6I.I5 1/6IG.G6 1/6II.'1 1/66.36 1/6I.35 1/66G.3( 1/66(.(' 1/6(.5( 1/6(.3 1/656.I5 1/6I(.3( 1/63.36 1/63.5' 1/65G.5J 1/6I'.53 1/6JG.53 1/6J5.(3 1/6JJ.( 1/651.G3 1/65'.GI 1/6JI.31 1/6J.I3 1/6JJ.JG 1/63G.J 1/6''.JI 1/615.' 1/6(I.G 1/G(.G6 1/G'.'I 1/G3.GG 1/6((.II
(.((36I1((J (.(11I'G( (.(11JGJ'53 (.((51G36 (.((3G(I'5 (.((36G1(51 (.(11I'G( (.((3G'15IG (.((61'5 (.(11I'G( (.((3G'15IG (.((61'5 (.((6J(1I (.((3G(I'5 (.((3G'15IG (.((3G(I'5 (.((6'1(1 (.((6J313 (.((36G1(51 (.(1G531'5 (.(11G5'1G1 (.((6J(1I (.(11165 (.((''((6 (.((36G1(51 ( (.(11165 ( ( (.((36I1((J (.((365GIG (.((36I1((J (.((365GIG (.(11563(1' (.((61'5 (.((365GIG ( ( ( (.((36I1((J (.((365GIG ( (.((6'1(1 ( (.((''((6 (.((36G1(51 (.((51G36 (.(11165
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13(313 1J(313 15(313 16(313 1G(313 '((313 '1(313 ''(313 'I(313 '(313 (1(J13 ('(J13 (3(J13 (J(J13 (5(J13 (6(J13 (G(J13 1((J13 11(J13 1'(J13 15(J13 1I(J13 1(J13 16(J13 1G(J13 ''(J13 '3(J13 'J(J13 '5(J13 'I(J13 'G(J13 3((J13 ('(513 (3(513 (I(513 ((513 (6(513 (G(513 1((513 1J(513 15(513 1I(513 1(513 '((513 '1(513 ''(513 '3(513 'J(513
1/'G5.(( 1/'G(.(( 1/'G5.(( 1/'G(.(( 1/'65.(( 1/'5.(( 1/'6(.(( 1/'I5.(( 1/'65.(( 1/'G(.(( 1/'6(.(( 1/'5.(( 1/'I(.(( 1/'(.(( 1/'I(.(( 1/'55.(( 1/'I5.(( 1/'55.(( 1/'55.(( 1/'55.(( 1/'J(.(( 1/'J5.(( 1/'35.(( 1/'35.(( 1/'J5.(( 1/'5(.(( 1/'5(.(( 1/'55.(( 1/'5(.(( 1/'I(.(( 1/'5.(( 1/'6(.(( 1/'65.(( 1/'G(.(( 1/'6(.(( 1/'65.(( 1/'6(.(( 1/'6(.(( 1/'(.(( 1/'(.(( 1/'6(.(( 1/'65.(( 1/'G(.(( 1/3((.(( 1/3J5.(( 1/315.(( 1/335.(( 1/35.((
1/G(.1( 1/6G.61 1/6(I.I 1/G.61 1/I(.'3 1/5G.5I 1/56.JJ 1/I(.(5 1/3.G6 1/J.6I 1/(.(G 1/IG.I1 1/JI.G( 1/5I.G 1/56.66 1/J5.6G 1/3G.56 1/J'.16 1/5(.' 1/33.G( 1/I6'.'( 1/(5.J6 1/IGG.GJ 1/(3.JG 1/(5.G6 1/13.I6 1/13.35 1/15. 1/15.GI 1/(5.11 1/((.13 1/I6J.66 1/IG5.IJ 1/IG6.5J 1/I6I.61 1/I66.35 1/IJ.3( 1/IJ.'1 1/I5J. 1/II3.53 1/I.53 1/I6I.IJ 1/I6G.6G 1/I61.61 1/IG(.5 1/IGJ.I6 1/IGG.53 1/(J.II
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-+olsa de Valores de Colo),ia/ '(13
3.1 Tendencia del recio durante el se)estre
-+olsa de Valores de Colo),ia/ '(13
La acción de PFAVAL )antu&o un recio relati&a)ente constante con li;eras tendencias decrecientes durante todo del se)estre. Eólo $ue durante el )es de )a7o #ue e)eó a resentar se0ales de recueración e inició el
incre)ento del recio asando de un recio ro)edio de 1.'6/3 a 1.J((/63 el 31 de )a7o. 3.' • • • • •
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2enta,ilidad diaria acción: (.(((6((1 2enta,ilidad no)inal diaria &encida acción: '(.3J> 2enta,ilidad e$ecti&a anual acción: ''.5J> Volatilidad diaria acción: (.G'> Volatilidad anual acción: 1J.II> 2enta,ilidad diaria índice: (.(((61(J 2enta,ilidad no)inal diaria &encida índice: '1.G5> 2enta,ilidad e$ecti&a anual índice: Volatilidad diaria índice: (.IJ> Volatilidad anual índice: 1(.1(>
+i,lio;ra$ía •
Bolsa de Valores de Colombia. (31 de 01 de 2013). Bolsa de Valores de Colombia. Obtenido de Boletín informativo para comisionistas: http:!!!.bvc.com.coppstibcoportalbvc"ome#ercadosboleti nes$ com.tibco.ps.pa%esvc.action&'pdateendertate*rp.c'rrent+oc' ment,+&-/1cb13c2d3cb0c -3de0a0a-00b*rp.attachment4ropert56ame&7ttachment*com.t ibco.ps.pa%esvc.tar%et4a%e&1fa1c33132080fa0
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Bolsa de Valores de Colombia. (18 de 0- de 2013). Bolsa de Valores de Colombia. Obtenido de http:!!!.bvc.com.coppstibcoportalbvc"ome#ercadosenline aacciones9 Bolsa de Valores de Colombia. (08 de 2013). Metodología para el cálculo del índice COLCAP. Obtenido de http:!!!.bvc.com.coppstibcoportalbvc"ome#ercadosdescri pcion%eneralindicesb'rsatiles$ com.tibco.ps.pa%esvc.action&'pdateendertate*rp.c'rrent+oc' ment,+&13c20e3d13d/fd2afcc0a0a-00b*rp.revision6'm ber&1*rp.attachment4ropert56ame&7ttachment*com. B;4 7C<7=. (21 de 02 de 2013). BTGP Colombia. Obtenido de http:!!!s.bt%pact'al.com.coseccionesB>"O#?7?,6@CO #476,7CO#476,7doc'mento"#=.Asp$id+oc'mento&3-
