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Turkish lira eases on Fitch c/a deficit comments
March 7, 2013 / 4:22 PM / 5 years ago

Turkish lira eases on Fitch c/a deficit comments

ISTANBUL, March 7 (Reuters) - Turkey’s lira eased on Thursday after Fitch said the country would need to lower its current account deficit and inflation to secure another ratings upgrade, while bonds were flat.

The lira softened slightly to 1.7967 to the dollar by 1539 GMT from 1.7944 late on Wednesday. Against its euro-dollar basket it eased to 2.0744 versus 2.0629 late on Wednesday.

The yield on the two-year benchmark bond closed at 5.73 percent, virtually unchanged from Wednesday’s close at 5.74 percent.

Istanbul’s main share index fell 0.41 percent to 81,834.73 points, slightly underperforming a fall of 0.14 percent in the global emerging markets index.

Shares in conglomerate Sabanci Holding rose 3.4 percent after its net profit almost doubled to 657 million lira ($366 million) in the fourth quarter.

Turkey’s largest glass producer Sisecam fell 2.97 percent after the company said its profit fell more than 50 percent to 294 million lira last year. ($1 = 1.7984 Turkish liras) (Writing by Seltem Iyigun; Editing by Nick Tattersall)

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