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ISTANBUL, May 12 (Reuters) - The Turkish lira and stocks pushed higher on Monday on the back of gains in major Asian markets and on expectations of more robust earnings results for Turkish companies on this last day for listed firms to report their first quarter earnings.
Traders said the Ukraine crisis was having little impact on Turkish markets for now, though investors would keep a wary eye on developments in Turkey's Black Sea neighbour, where pro-Moscow rebels declared a resounding victory on Sunday in a referendum on self-rule for eastern Ukraine.
The main stock index was up 0.93 percent at 76,262.56 points in morning trade, outperforming a 0.56 percent rise in the broader emerging markets index
"(We are seeing) positive trade in equities with support seen at 75.5k, resistance at 76k," said Sinan Goksen, head of research at Denizbank.
He said strong buying of Garanti Bank continued from Friday, adding: "Estimate-beating results from many proxy stocks are also feeding the broad-based buying appetite."
Many companies including carmaker Tofas and retailer Migros, are expected to announce their first quarter results on Monday after the trading session. Turkey's two biggest companies, Koc and Sabanci, will also post results.
It has been a positive earnings season so far for Turkish companies. The biggest banks including Akbank and Isbank and major industrials such as Tupras posted results that surprised on the positive side.
Turkey's lira also firmed on Monday, trading at 2.0730 by 0754 GMT, close to its strongest level this year of 2.0670, a level it touched on Friday amid signs that Russia was trying to avoid a full-blown conflict in Ukraine.
"There are no global or local developments to break the technical resistance levels. We may observe some profit taking again today just like on Friday," said an Istanbul-based bank's forex trader.
"Geopolitical risks and a chance that the central bank will cut rates are factors that will limit the downside potential in the lira/dollar rate," the trader added.
The two-year benchmark bond yield rose slightly to 9.19 percent from last week's close of 9.16. (Writing by Ece Toksabay; Editing by Gareth Jones)