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Turkish markets mixed as U.S. growth worries weighs on EMs
February 4, 2014 / 9:07 AM / 4 years ago

Turkish markets mixed as U.S. growth worries weighs on EMs

ISTANBUL, Feb 4 (Reuters) - Turkish markets were mixed on Tuesday with shares dipping following heavy losses in global markets over U.S. growth worries which dented investors’ appetite for emerging markets assets.

Lower-than-expected U.S. manufacturing data pointed to some loss of steam in the world’s biggest economy and sent U.S., Europe and Asian shares down.

Turkey’s lira fell 17 percent in 2013 and extended its slide this year as a graft scandal hit the government. This heightened investor concern about political stability just as a gradual end to U.S. monetary stimulus knocked appetite for emerging market assets.

The central bank raised interest rates by around 500 basis points at an emergency meeting last week despite government’s opposition, stunning markets and causing a spike in the currency.

Turkey’s lira was trading at 2.2650 against the dollar by 0828 GMT, little changed from 2.2655 late on Monday. It hit a record low of 2.39 last week.

The yield on the 10-year benchmark bond fell to 10.19 percent from a close at 10.24 percent on Monday.

The main Istanbul stock index fell 0.79 percent to 61,161.68 points, outperforming a 1.35 percent fall in the main global emerging market index.

Turk Telekom and carmaker Tofas were expected to report foruth-quarter earnings after markets close on Tuesday. (Reporting by Seda Sezer; Editing by Ralph Boulton)

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