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    Turkish stocks slide 3.4 pct as Europe deep in the red

    HotNewsTurkey with wires
    24.10.2008 - 10:06 | Son Güncelleme:

    Turkish stocks fell 3.45 percent on Friday on renewed recession fears, following an earlier sell-off in Asia. (UPDATED)

    The benchmark Istanbul Stock Exchange index slumped nearly 4 percent in the first session Friday, touching 23,939.06 points, the lowest level since April 2005.


    The yield on the benchmark June 23, 2010, rose 3.57 percent and reached 24.40 percent. However, the Turkish lira currency gained against the dollar and traded below 1.70 levels, a nearly 2 percent gain.


    European share markets have all fallen sharply on renewed recession fears following an earlier sell-off in Asia.


    Japan's Nikkei stock average fell a staggering 9.60 percent to the lowest level since April 28, 2003.


    In Europe, Germany's benchmark DAX index was down 10.76 percent, Frances CAC40 dropped 10 percent while Britain’s FTSE 100 sank 8.67 percent after the government said its gross domestic product fell 0.5 percent in the third quarter, putting the country on the brink of recession. 


    Investors dumped stocks after the yen struck a 13-year high against the dollar and a six-year peak against the euro, darkening the outlook for exporters. A profit-warning from tech giant Sony added to the gloomy mood.


    Shares of Sony plummeted 14 percent Friday after the Japanese electronics giant slashed its annual profit and sales forecasts due to poor demand amid a global slowdown.


    Sony said Thursday afternoon its net profit for the fiscal year through March 2009 would likely drop 59 percent from the previous year to 150 billion yen ($1.5 billion). It blamed deteriorating sales of flat-panel TVs and other gadgets for the dismal projection.




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