ECONOMY

EU warning hits Turk markets; Dogan slips

ISTANBUL (Reuters) – Turkey’s lira fell to a one-month low yesterday after EU president Finland tightened a deadline for Turkey to meet demands, while shares in Dogan Yayin slipped after it announced acquisition plans. The lira weakened as much as 1.1 percent on the day against the dollar to 1.46, sliding back from a six-month high hit last week, and closed at 1.4585. The yield on the benchmark August 13, 2008, bond rose to 21.53 percent from Friday’s 21.14. Finland said yesterday Turkey had until December 6 to open its ports to Cyprus or face an unspecified setback in its EU membership bid. Traders said foreign investors were selling and other emerging markets were also hit as worries increased about the rate of growth in the United States after weaker-than-expected housing data released on Friday. Turkish stocks were also weak yesterday, with Dogan Yayin shedding as much as 6 percent after saying it would bid for a 50.5 percent stake in German broadcaster ProSiebenSat.1. But by yesterday’s close it stood just 0.9 percent lower at 5.70 lira. Istanbul’s main index closed down 0.22 percent at 38,346.57 points.