ISTANBUL Dec 18 Turkish stocks made up a little
of the previous day's sharp losses on Wednesday, catching up
with their global peers, while bonds and the lira continued to
Stocks had been hammered by news of a widespread corruption
probe which saw more than 50 people arrested including three
ministers' sons and prominent businessmen, and heightened
political tensions ahead of elections next year.
The yield on the 10-year benchmark bond
rose to 9.74 percent from 9.63 percent.
The lira was weaker at 2.0480 against the dollar
by 1609 GMT compared to 2.0407 late on Tuesday.
Having fallen more than 5 percent on Tuesday, the main stock
index rose 0.66 percent to 71,417 points, outperforming
a 0.23 percent rise in the wider emerging markets index
Turkish shares crept up along with world shares, which were
boosted by solid economic data from the United States, Germany
and the United Kingdom.
Global investor attention was focused on the U.S. Federal
Reserve, which is due to conclude its two-day meeting later on
Wednesday. Opinion is split on whether it will vote this week to
begin reducing the $85 billion monthly stimulus that has helped
support emerging market assets or wait until January or March.
Turkey has depended on cheap foreign capital to finance its
large current account deficit, and it is feared that this could
dry up when the United States begins trimming its stimulus.
(Reporting by Dasha Afanasieva; Editing by Hugh Lawson)