LONDON Oct 19 (Reuters) – Turkish stocks rose back towards
recent two-year highs on Friday, while emerging equities overall
fell as investors booked profits after three sessions of strong
gains.
Emerging stocks drifted 0.5 percent lower on a
falling tide of global sentiment after disappointing earnings
from Google Inc and Microsoft Corp. Spain’s
perceived reluctance to ask for aid was another concern.
Still, the index is set for its biggest weekly gain in a
month.
Turkish shares rose 0.3 percent and were on track
for their third week of gains. The Istanbul index – one of the
world’s best performers this year – dropped on Thursday after
the central bank cut overnight lending rates to 9.5 percent from
10.0 percent, less than expected
Benchmark Turkish bond yields slipped to a
one-month low.
Elsewhere, Russian stocks fell almost 1 percent on
weaker oil and metal prices.
South Africa’s rand fell 0.7 percent to the dollar as
investors waited for an interim budget due next week and watched
for signs of a possible end to weeks of labour unrest.
The forint lost more than a quarter percent,
reversing some recent gains, after Hungary said it would not
slash Europe’s highest bank levy and would double a planned
financial transactions tax.
“The chances of Hungary striking a swift deal with the IMF
and the EU on financial aid are dwindling, despite very
optimistic comments recently by Prime Minister Viktor Orban,”
BNP Paribas analysts said in a note.
Continued…
