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Turkish lira steady, Turkcell shares rise on court decision
July 29, 2013 / 3:11 PM / 4 years ago

Turkish lira steady, Turkcell shares rise on court decision

ISTANBUL, July 29 (Reuters) - The Turkish lira was little changed on Monday in low volume trade ahead of a central bank quarterly inflation report due on Tuesday.

Shares in Turkcell rose after a court decision extended shareholders’ deadline in a stake dispute.

The lira slipped to 1.9245 from 1.9240 against the dollar as investors expected the central bank to revise up its year-end inflation forecast on Tuesday.

Istanbul-based Cukurova Group has been given an extension to pay the $1.56 billion needed to recover its controlling stake in Turkey’s biggest mobile phone operator Turkcell.

The dispute has left Turkey’s biggest mobile phone operator unable to agree the composition of its board, pay dividends or pursue a coherent growth strategy.

Shares in Turkcell rose 0.9 percent to 11.25 lira while the main stock index rose 0.53 percent to 72,938.39 points.

The yield on Turkey’s 10-year bond rose to 9.43 percent from 9.23 percent on Friday. (Writing by Ece Toksabay)

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