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Non-Tech : Banco Industrial Colombiano ADR NYSE:CIB

CIB 58.04

+0.3%

Oct 31 9:30 AM EDT

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To: Arnold Layne who wrote (2)	3/1/1998 2:27:00 AM
From: Arnold Layne	Read Replies (1) of 72

Looks like even the analysts might be coming around to recognizing some value here, if this view is any indication. S. Smith Barney cuts Argentina in Latam portfolio NEW YORK, Feb 27 (Reuters) - Salomon Smith Barney Latin American strategist James Barrineau cut his weighting for Argentina to neutral from overweight Friday in his model stock portfolio. In a report, Barrineau also raised the weightings of Colombia and Chile to neutral from underweight. "For Argentina, recent outperformance will be dampened by the overhang of new taxes and concerns on the fiscal and trade sides," he wrote. "Fundamentals are still sound, but we have run out of enough things to buy to call ourselves overweight." Barrineau said his upgrade of Chile was "marginally early," adding, "Think of this as an eight-month call anticipating a sharp growth slowdown that presages interest rate cuts." In Colombia, "the worst fears will not be realized," he said. "... Although we are not enthusiastic about the banking sector in Colombia, we believe that investors that have shunned this market for good reason now have ample excuses for dipping their toes in." Other weightings for major Latin American markets remained the same. Brazil and Venezuela are overweight and Mexico and Peru stay neutral. 09:27 02-27-98

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