Grno'ers:
I know, I said I was leaving. I lied. Think of this stock like a bad penny-you throw it away but it keeps winding up on your dresser....
Pay attention to the line about political support being lined up for passage of current bills.....
Robert
++++++++++++++
Spooked Turkish shares give up early gains
ISTANBUL, June 11 (Reuters) - Istanbul shares reversed early gains to end slightly weaker on Thursday as a morning recovery gave way to sales prompted by concern over Russian and Asian bourses, brokers said.
''There were minor sales by foreigners. Domestic conditions are good but the market is irritated by turmoil in Russian and Asian markets,'' said Huseyin Istanbullu from Meksa Securities.
The IMKB National-100 index (.XU100) closed at 4,021.13, down 11.75 points, or 0.29 percent from Wednesday's close. It brushed a high of 4,102.79 in early trade and sank to a low of 3,990.09 in the afternoon.
Actives were led by media groups Dogan Holding (DOHOL.IS), down 250 lira to 15,250 and Medya Holding (MEDYA.IS), up 75 to 2,450, industrial conglomerate Koc Holding (KCHOL.IS), down 1,000 to 51,000. They made up 14.3 percent of the day's volume.
Brokers said caution prevailed on the market due to fears of possible sales by foreign investors amid ongoing financial crises Russia and Asia.
''The market is facing a squeeze because foreigners are staying out. It may settle within 4,030-4,140 band because of the lack of liquidity influx,'' said Tunc Yalav from Inter Investment.
He said a planned visit by an International Monetary Fund (IMF) team would have a positive impact if an accord was reached.
The treasury said on Thursday and IMF team would arrive in Ankara on June 16 to hold week-long talks for an agreement based on Turkey's present economic programme and which would be different from the Fund's classical accords.
Brokers say the market also awaits parliament approval on bills vital to the government's economic programme which targets 50 percent wholesale inflation at the end of 1998, down from 79.9 percent, currently.
Prime Minister Mesut Yilmaz said last week he had secured key opposition leader Deniz Baykal's support to pass the bills.
In return, he agreed to dissolve his minority coalition government at the end of 1998 to open the way for an interim government to take the country to national and local polls in April. General elections are not normally due until 2000.
The IMKB National-30 (.XU030) index, which represents the 30 leading blue-chips, dipped 0.38 percent to 4,614.03.
The IMKB Industrial (.XUSIN) edged down 0.11 percent to 3,452.78, IMKB Services (.XUHIZ) eased 0.46 percent to 4,833.26 and IMKB Financial (.XUMAL) inched down 0.21 percent to 4,903.87.
Daily trade volume further fell to 72.13 trillion lira ($275.8 million) from previous 79.9 trillion ($307 million).
Of the 269 shares traded, 107 advanced, 86 declined and 76 were unchanged.
($1 - 261,500 Turkish lira)
((Aydan Eksin, +90-212-275 3703, fax +90-212-267 2137, istanbul.newsroom+reuters.com)) |
