ECONOMY

Stocks rise 1.26 percent, led by banks

Stocks ended higher yesterday, tracking the advance in major European markets, with banks leading the way. The bourse’s benchmark index recaptured the 1,600 mark, closing at 1,603.79 points, up 1.26 percent on the day and 4.06 percent on the week. «Banks boosted the blue chip FTSE/ASE-20 index for yet another session. Their recent rebound, sparked by the sector’s upgrade by UBS Warburg, was also helped by a credit rating upgrade by Moody’s,» said a fund manager. The bourse’s banking index outperformed, adding 2.11 percent. Blue chips gained 1.51 percent. «The benchmark share index, uptrending since late March, is borderline in overbought area looking at the 14-day relative strength index (RSI),» said another broker. «We may encounter interim resistance next week.» Turnover eased to 87.54 million euros, with 31.7 million shares changing hands. Winners outnumbered losers 274 to 58 with 34 shares unchanged on 366 traded. (Reuters)