Stock index gains 4.4 pct
Güncelleme Tarihi:
Daily News with wires
Oluşturulma Tarihi: Mayıs 21, 2009 00:00
ISTANBUL - Istanbul Stock Exchange’s benchmark IMKB-100 index rose past the crucial 35,000 mark yesterday, rising to an eight-month high driven by gains on stock markets around the world and expectations the government and the International Monetary Fund, or IMF, will soon agree the terms of a new loan.
The index closed yesterday at 35,139 points, representing a daily increase of 4.38 percents The yield on government bonds tracked by ABN Amro Holding fell to 12 percent from 12.1 percent on May 18.
The Turkish markets were closed on Tuesday for a one-day national holiday as emerging market stocks rose to a seven-month high.
A recent rally in commodity prices and prospects of easier bank lending have fueled speculation the worst of the global financial crisis may be over.
"The share index is rising on the impetus of foreign markets," Bloomberg quoted Mehmet İlgen, a trader at Ata Invest in Istanbul, as saying. "We get the support from positive closes in Europe and on the Dow Jones and any negative impact is moderated because there’s still a strong chance of an IMF accord."
Yesterday’s rally was fueled by financials, which gained 5.8 percent on average, followed by consumer goods and industrials. The only sector that lost ground was health care, which closed the day with a 0.16 percent loss. Beşiktaş Futbol Yatırım, the football club that is close to being the champion at Turkcell Super League, surged 22 percent to 10.6 liras. The stock rose nearly 190 percent since May 8.
The U.S. dollar declined against the Turkish Lira and was trading at below the 1.5240 level at 5:18 p.m. yesterday. The dollar has lost 3 percent against the lira since May 15.
Since May 1, the IMKB-100 index rallied 9.2 percent, while the gains since the start of the year stand at above 30.1 percent.
The Turkish markets were closed on Tuesday for a one-day national holiday as emerging market stocks rose to a seven-month high.
A recent rally in commodity prices and prospects of easier bank lending have fueled speculation the worst of the global financial crisis may be over.
"The share index is rising on the impetus of foreign markets," Bloomberg quoted Mehmet İlgen, a trader at Ata Invest in Istanbul, as saying. "We get the support from positive closes in Europe and on the Dow Jones and any negative impact is moderated because there’s still a strong chance of an IMF accord."
Yesterday’s rally was fueled by financials, which gained 5.8 percent on average, followed by consumer goods and industrials. The only sector that lost ground was health care, which closed the day with a 0.16 percent loss. Beşiktaş Futbol Yatırım, the football club that is close to being the champion at Turkcell Super League, surged 22 percent to 10.6 liras. The stock rose nearly 190 percent since May 8.
The U.S. dollar declined against the Turkish Lira and was trading at below the 1.5240 level at 5:18 p.m. yesterday. The dollar has lost 3 percent against the lira since May 15.
Since May 1, the IMKB-100 index rallied 9.2 percent, while the gains since the start of the year stand at above 30.1 percent.