Tablemac Drops on Speculation of Colcap Removal: Bogota Mover

Tablemac SA, the Colombian wood products maker, fell the most in two months on speculation the company will be dropped from the Colcap index.

Tablemac tumbled 4.6 percent at the close in Bogota, bringing the decline this year to 11 percent. The Colcap, which includes about 20 stocks determined by the Colombian stock exchange, fell 0.1 percent.

“It looks like Tablemac could very likely leave the index,” said Carlos Andres Vallejo, a Medellin-based analyst at brokerage Bolsa y Renta SA. The shares would face strong selling pressure from funds that track the Colcap, Vallejo said.

The next re-weighting of the index will be after the market close on Jan. 31, according to a statement last month from the stock exchange. The stocks are weighted based on their “adjusted market cap value,” according to the exchange.

Tablemac President Juan Fernando Vasquez said today in an e-mail that there was nothing the company could do to prevent a Colcap exit, since inclusion is based on the index’s methodology.

“We’ve heard the same thing you have about a possible exit from the Colcap,” Vasquez wrote in the e-mail. A drop from the index would be “unsettling given that so many investors base their portfolios on the index.”

Cemex Latam Holdings SA, a cement company that brokerage firm Correval SA said on Jan. 3 may join the Colcap, has gained 10 percent this year.