ECONOMY

Turkish stocks climb

ISTANBUL (Reuters) – Turkish markets took their cue again from abroad yesterday, with stocks tracking strong performance on foreign bourses, while the lira eased against a generally more robust dollar. Istanbul’s main stock index rose as high as 55,402.67 points before profit-taking trimmed gains and it ended the day just 0.99 percent firmer at 54,733.30. «We saw strong buying following a high close on US markets (on Monday) but profit-taking came after we hit resistance at 55,500 points,» said Serdar Karatepe of Polen Securities. The lira currency was best bid at 1.2070 to the dollar at the end of the interbank session and eased further to 1.2110 in after-hours trade. «The lira could not break above the 1.20 level… If US bourses put in a good performance today like those in Europe, the lira could firm up a bit more,» said one currency dealer. In comments published yesterday on the central bank’s website, Governor Durmus Yilmaz said the bank would maintain its cautious stance on monetary policy.