The Wall Street Journal
Colombia stocks seen falling after Court blocks Uribe candidacy
March 1st--Colombia's stock market is likely to fall on Monday as news that President Alvaro Uribe has been blocked from seeking a third term rattles investors.
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On Friday, seven of the nine judges of Colombia's Constitutional Court voted to reject the holding of a referendum that would have allowed Uribe to run again.
Uribe said he would abide by the Court's decision.
"I think they're going to through a period of some political uncertainty," said Alberto Ramos, a New York-based economist for Goldman Sachs. "But I think the perception is that whoever is going to succeed Uribe is going to have to run on a platform that is very similar policy approach."
"[The markets] might come off a little bit, but nothing major," Ramos added.
Jorge Zuniga, a Medellin-based market analyst with brokerage Asesores en Valores, said the benchmark IGBC stock index could fall to 11,400 points, from 11,725 points on Friday.
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