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Hi Kyle,
We'll see how thing work out macro economically in Colombia. At the moment things are difficult. Foreign investment seems to be still continuing, and if the peace initatives and the recent agreements are respected, then that is certainly a positive. Remember the dividend is currently 100 Colombian Pesos/ADR/month. Since there are currently 1378 Pesos/Dollar, I get about $0.072 per month. Here is some other news regarding the dividend outlook.
P.S. You can find me on the EXBT thread on Yahoo, too.
Colombia stocks led lower by banks, investment cos
BOGOTA, July 23 (Reuters) - Colombian stocks fell again on Thursday as banks and investment companies lost more ground.
Bogota's IBB <.IBB> index closed down 0.17 percent at 1069.57 on turnover of 23 billion pesos, while Medellin's IBOMED <.IBMG>general price index was off 0.78 percent at 13,841.43.
Volume was higher than average on the Bogota exchange, but it was inflated by activity in Terpel Bucaramanga. a little-traded fuel distributor.
One Bogota broker blamed the decline in share prices on news of a surge in urban unemployment last month to its highest in at least 13 years -- a general reflection of adverse economic conditions, he said.
The government's National Statistics Department (DANE) on Wednesday said urban unemployment rose to 15.8 percent at the end of June compared with 13.3 percent in June 1997.
In comments to reporters Thursday, Juan Camilo Restrepo, the finance minister-designate, said the worst of the country's economic slowdown was not over and that Colombia should get ready for more "unpleasant surprises" in the second half of this year.
In the stock market on Thursday, one of the day's biggest decliners was Suramericana de Inversiones <CSS.BG>, down 2.99 percent to 3,250 in Medellin and down 2.98 percent to the same price in Bogota. The company is the investment arm of the Suramericana insurance group.
BanColombia <BIC.BG>, the country's largest bank in terms of assets, closed down 1.47 percent at 2,080 in Medellin and fell 2.36 percent to 2,060 in Bogota. Its nearest rival, Banco Ganadero <BGA.BG>, was off 0.47 percent at 423 in Medellin and was down 0.23 percent at 425 in Bogota.
Brokers said both banks had large past-due loans portfolios and would have to take corrective measures that would inevitably eat into shareholder dividends.
00:32 07-24-98
Copyright 1998 Reuters Limited |
