Colombia stocks mixed on credit rating fears
08/09/99
Colombian stocks ended mixed Monday as falls in brewing and beverages weighed against gains in tobacco, banks and retail.
Bogota's IBB index fell 0.66 percent to close at 888.47 in a thin 716 million peso ($385,000) turnover. Medellin's IBOMED general price index was up 0.13 percent to 10,026.57 on 583 million pesos ($314,000) turnover.
Brokers said markets opened up on the back of last week's decision by the Central Bank to cut a key overnight deposit rate but dropped back on fears that Colombia may soon lose its prized investment grade credit rating.
Credit rating agencies have put Colombia under observation due to an upsurge in its long-running civil conflict, the weak banking sector and the worst economic slump in more than 50 years.
Cigarettes
