Turkey stock markets boosted by global gains
The rising global stocks and easing US credit market concerns and positive expectations for 2008 has meant that stock markets in Turkey closed stronger on Wednesday. The Lira firmed nearly 2.5 per cent to close at 1.1995 versus the previous day’s 1.22900 on the interbank market. The currency is now 17 per cent stronger than its end 2006 level.
Firmer US stock futures and banking stocks meant that the dollar hot one week highs and global financial markets steadied.
"The markets hope that investors will open new positions at the beginning of 2008. We saw foreign buying of bonds today, but it is early to describe this as a rally and we need to wait for a few days to see whether the trend is permanent," said one banker.
Upbeat European bourses and new carry trade positions helped Turkey's markets turn into positive territory, said the same banker.
Turkey Property News