ECONOMY

Turkish markets remain steady on low buying

ISTANBUL- (Reuters) Turkish stocks closed flat yesterday due to a lack of fresh capital inflows after strong profits followed by profit-taking this week. The main Istanbul stock index closed 0.08 percent higher at 37,418.11 points. «Today the market moved in a wide range, searching for direction, but the money inflow wasn’t enough to set a direction for the market,» said Murat Inceleme of Ata Asset Management. «Today was a day of heavy profit taking. After gains of more than 2.5 percent on Wednesday some investors were liquidating their positions,» he said. Major banks like Yapi Kredi, Garanti and Is Bank all saw losses between 1.4 and 2 percent yesterday as investors made good on gains made earlier in the week. The Istanbul main index rose 2.8 percent on Wednesday, but closed down 0.46 percent on Thursday. «Next week the ISE-100 will search for direction and the foreign markets and flow of data will affect our markets,» said Inceleme. The lira weakened to 1.4520 against the US dollar from Thursday’s close of 1.4485.