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    Turkish lira gains on global mood, hope of IMF loan deal news

    Reuters
    24 Nisan 2009 - 16:28Son Güncelleme : 24 Nisan 2009 - 16:34

    ISTANBUL - Turkey's markets caught up with improving global sentiment on Friday, with the lira gaining 2 percent to the dollar, as investors welcomed news Turkey's Economy Minister will meet the IMF officials in Washington.

    By 1215 GMT equities traded up 1.11 percent to 29,272.42 points, breaching the 29,000 level, and outperforming the MSCI emerging equities index which gained 0.73 percent.

    Turkey's markets, banks and public institutions had been closed on Thursday for a national holiday.

    The lira, down 4.7 percent since the start of 2009, strengthened to 1.612 from a close of 1.6455 on Wednesday.

    This weekend Economy Minister Mehmet Simsek will meet top IMF officials in Washington during bi-annual IMF and World Bank meetings, reinvigorating expectations of a stand-by deal.

    Frustration over the length of negotiations continues but the market is positive a deal is now within sight, with most expecting an accord worth $50 billion after talk of an initial $15-$20 billion.

    "Some positive remarks and possible developments on the IMF's expected visit to Turkey to seal the stand-by deal would bring momentum to Turkish equities next week," Tera Securities commented in a note.

    "The strength of Turkish equities may linger until the signing of IMF deal yet we do not think it is sustainable therefore we advice investors to use recoveries as a selling opportunity," they added.

    The market has gained 9 percent since the start of the year.

    Top traded share Garanti Bank rose 1.97 percent to 3.10 lira, while the banking index rose 2.45 percent, lifted by some positive news from its international banking peers.

    The yield on the benchmark bond, maturing on Feb. 2, 2011, fell to 12.32 percent from Wednesday's 12.41 percent.

     

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