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    Turkish stocks slump 7.72 pct, lira falls over 3 pct as confidence erodes

    HotNewsTurkey with wires
    10.10.2008 - 09:38 | Son Güncelleme:

    Turkish shares plunged 7.72 percent on Friday, hitting their lowest level in three years, and the lira lost more than 3 percent against dollar as the deepening world financial crisis further eroded investor confidence. (UPDATED)

    The lira currency eased more than 3 percent against the dollar from the previous day's closing level of 1.37, and traded at 1.41 levels.

    The lira is now nearly 22 percent weaker since the start of the year. The Turkish currency hit Friday the lowest level against dollar in 19 months. 

    Turkey's main stock exchange index closed down 5.99 percent in the morning session, extended its losses and dropped 7.72 percent in the afternoon trade.

    Turkish stocks, hurt by investors moving out of emerging markets and into investments considered safer, have now lost some 50 percent of their value since the start of this year.

     

    The yield on the benchmark June 23, 2010 bond rose over 21 percent on Friday, up from the previous day's 20.06 percent.

     

    RESISTANCE LEVEL AT 1.43
    Plunging Asian stocks hit sentiment throughout emerging markets. Tokyo shares headed for their biggest one-day fall since the 1987 market crash on Friday as the global financial crisis claimed its first Japanese financial institution. Yamato Life Insurance Co failed with $2.7 billion in debt.

     

    "The lira trades in very low volume trade and the fall does not mean that the 1.43 resistance level is broken. We can decide whether this level is broken depending on the developments today," HSBC strategist Fatih Keresteci said in a research note.

     

    Data showed on Friday that September capacity utilisation, an indicator showing the trends in the manufacturing industry, was 79.8 percent, or 3.4 percentage points lower from the previous year.

     

    Friday's data is the latest signs that the economy is slowing, treagering fears that global crisis started to harm the economic activity.

    GLOBAL DECLINE

    European stocks also dived by more than 7 percent midday on Friday as U.S. stocks slumped at the opening, with the benchmark S&P 500 falling below the 900 mark, as fears that tighter credit may send the global economy into recession slashed the appetite for risk.

     

    The Dow Jones industrial average slid 4.68 percent, and the Nasdaq Composite Index was down 4.20 percent.

     

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