Reuters logo
Turkish shares rise, Fitch meeting eyed
March 7, 2013 / 9:22 AM / 5 years ago

Turkish shares rise, Fitch meeting eyed

* Turkish assets flat

* Fitch meeting eyed

ISTANBUL, March 7 (Reuters) - Turkish stocks were slightly higher on Thursday with investors eyeing a meeting between ratings agency Fitch and investors to discuss Turkish economic outlook.

Fitch has upgraded Turkey to investment grade, lifting the country’s long-term foreign currency rating to ‘BBB-’ from ‘BB+’ and its long-term local currency rating to ‘BBB’ from ‘BB+', with stable outlooks.

Turkey needs at least one of the two other major ratings agencies to follow suit for it to join benchmark investment grade bond indexes, a status that many funds require before investing in a country.

Istanbul’s main share index was up 0.33 percent at 82,422 points, slightly outperforming a fall of 0.28 percent in the global emerging markets index.

“We don’t expect a change in Fitch’s sovereign rating for Turkey. However, the comments coming from the meeting could affect the trend in equity market,” wrote Ali Cakiroglu, senior investment strategist at HSBC Asset Management, in a note.

By 0827 GMT, the lira slightly eased to 1.7974 to the dollar as a solid job data supported the greenback in global markets, analysts said. The lira was at 1.7944 late on Wednesday. Against its euro-dollar basket the lira was at 2.0686 versus 2.0629 late on Wednesday.

The yield on the two-year benchmark bond was at 5.71 percent in thin trade, virtually unchanged from Wednesday’s close at 5.74 percent. (Writing by Seltem Iyigun. Editing by Jeremy Gaunt.)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below