The general manager of the Bolsa de Valores de Colombia (BVC), Andrés Restrepo, highlighted the 60% growth in trading volume by natural persons during 2025, amid a recovery in market liquidity. Restrepo also warned about the low investment level in the country, below 17% of GDP, which compromises future job and production generation.
In a recent interview, Andrés Restrepo, general manager of the BVC, analyzed the positive performance of the Colombian stock market in 2025. The Colcap index rose nearly 50%, surpassing international benchmarks like the S&P and Nasdaq. This rebound was partly due to the correction of undervaluations in local companies, which showed resilience against high interest rates, the pandemic, and low economic growth.
Liquidity in the stock exchange recovered significantly, increasing from 70 billion pesos daily in 2023 to 150 billion in 2025. Of this total, 40 billion came from natural persons, up 60%; foreigners contributed 79 billion, a 50% increase; and own positions by brokerage firms exceeded 50 billion. Restrepo noted that this encourages new investors, with growing interest in foreign issuers in the Colombian global market.
Regarding the electoral context, Restrepo said elections create volatility, but the BVC rose 2.31% after the legislative elections, indicating a positive reaction. He emphasized institutional values and democracy as key for long-term investors.
Despite these gains, Restrepo warned of the complicated fiscal situation, which raises financing costs, and the low investment level below 17% of GDP. Colombia still appears cheap in multiples like price-earnings compared to regional peers. On stock exchange integration with Peru and Chile, progress is being made on a new technological platform, with launch imminent in Colombia in the next two or three months, followed by unified post-trading.
The BVC projects attracting five to six new issuers in fixed and variable income.
