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Turkish assets steady but political tensions persist
March 25, 2014 / 4:05 PM / 4 years ago

Turkish assets steady but political tensions persist

ISTANBUL, March 25 (Reuters) - Turkish assets were steady on Tuesday, helped by technical adjustments, but political tensions weighed ahead of local elections on Sunday.

Turkey’s five-year CDS, used to protect against default, were quoted close to seven-week highs at around 260.5 basis points (bps), according to Markit.

The main Istanbul share index closed up 1.55 percent at 64,696.47, outperforming the main emerging markets index which was up 0.39 percent.

Turkey’s 10-year benchmark bond yield fell to 11.06 percent from 11.36 percent at Monday’s close.

The lira firmed to 2.2290 against the dollar, from 2.2380 late on Monday.

Sunday’s local election is widely being seen as a referendum on Erdogan and his AK Party’s rule and comes ahead of a presidential race in August in which he could be a candidate. (Writing by Seda Sezer; Editing by)

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