March 5 (Bloomberg) -- Colombia's main stock index rose for the first time in six days, posting the biggest move among global indexes, as some investors bet Colombia and Venezuela may resolve their dispute diplomatically and avert a trade war.

Textiles Fabricato Tejicondor SA, which exports textiles to Venezuela, gained the most in the IGBC Index after regional representatives held an emergency meeting yesterday of the Organization of American States. Suramericana de Inversiones SA, the country's biggest insurance holding company, had its biggest advance in six weeks.

The IGBC Index gained the most in six weeks, rising 360.25, or 4.2 percent, to 8,921.36 at 11:27 a.m. in New York. The index tumbled the most in six weeks yesterday on concern that rising political tensions would damage trade ties.

``Today, people realized that a lot of the trade is done by business groups to the advantage of both sides,'' said John Ditierri, who helps manage $20 billion at Emerging Markets Management LLC. ``I don't think that a trade cutoff from Venezuela is a real threat.''

Textiles Fabricato advanced 7.8 percent to 30.4 pesos, recovering most of yesterday's fall. Rival Cia. Colombiana de Tejidos SA rose the most in a month, gaining 8 percent to 5.4 pesos. Suramericana climbed 4.2 percent to 15,280 pesos.

Colombia launched an air raid against a guerrilla camp in Ecuadorian territory on March 1, prompting Venezuela, an Ecuadorian ally, to send troops and tanks to the Colombian border.

Venezuela President Hugo Chavez has ordered tanks to the border with Colombia, which has been closed to trucks this week, threatening the $5 billion in annual bilateral trade. Today, Venezuela activated the country's navy and air force in addition to the 10 tank battalions being mobilized.

``It was all very diplomatic yesterday; there was nothing too dramatic,'' Rupert Stebbings, head of international sales at brokerage Interbolsa, said by phone today. ``It's pretty obvious that diplomatic channels are the way everyone is going to go. As we've seem several times, this thing will just blow over.''

The peso fell 0.1 percent to 1,854.25 per dollar, according to the Colombian foreign-exchange electronic transactions system.

To contact the reporter on this story: James Attwood in Santiago at jattwood3@bloomberg.net

Last Updated: March 5, 2008 11:32 EST