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Kyle,
I can't argue with your math. Only time will tell how things will get worked out. I assume that even if things take a while, CIB is still reasonably cheap, Also, the last time I checked, perhaps a month ago, the short interest on CIB was 500,000 shares on the New York Stock Exchange. I suspect that they may have been covering around $11.00, check the short, and tell me what the short position is.
Interesting that BGA is still fairly steady.
Here is today's news form AOL:
Colombian stocks end lower for second day in row
BOGOTA, July 28 (Reuters) - Colombian stocks ended lower on Tuesday for the second straight session, traders said.
Medellin's IBOMED <.IBMG> general price index ended 0.13 percent lower at 13,843.35, while Bogota's <.IBB> index fell 0.16 percent to 1069.45 on turnover of 1.6 billion pesos.
"In general, the markets are depressed," one broker said, referring largely to high interest rates, which are prompting a shift to fixed income.
Bogota losses were led by Banco Ganadero <BGA.BG>, which closed down 1.16 percent to 425. The stock was unchanged at 427 in Medellin.
Bavaria brewing company <BAV.BG> slipped 0.02 percent to 7,950 in Bogota and rose 0.62 percent to 8,000 in Medellin.
Medellin's index was pulled down by Carulla <CRL.BG>, the country's third-largest retail chain, which fell 4.92 percent to 5,705 in Medellin. But it rose 1.51 percent to the same price in Bogota.
Leading the gainers was retail chain Almacenes Exito <EXI.ML>, which closed up 4.2 percent to 2,450 in Bogota and 6.52 to 2,450 in Medellin. One trader said the rally was fueled by speculation that Almacenes Exito will try to acquire a share of its main competitor, retailer Cadenalco <LEY.BG>.
00:57 07-29-98
Copyright 1998 Reuters Limited. |
