Replies to post #67 on EMERGING MARKET FUNDS

[Slojab]

Your welcome. here's a news story for you.
I couldn't find a chart showing the Turkish index.

ISTANBUL, Nov 19 - Turkish stocks are expected to make gains on Monday as selling pressure eases in world markets and the lira is seen firming due to tax payments by companies.

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Global credit worries have sparked selling in Turkish markets alongside other emerging markets in recent weeks.

"We are seeing that selling pressure is losing momentum in the Istanbul stock exchange and world markets. We think bargain hunting is likely," said Gedik Investment analyst Yunus Kaya.

The first target level for the stock market could be 55,350 points, he said.

A recovery on Wall Street and a cautious advance in Asian stocks are also seen supporting Turkish stocks.

The main stock index fell 0.8 percent to 54,304.47 points, following losses the previous day of 1.7 percent.

The lira <IYIX=> opened firmer on Monday at 1.1830 against the dollar versus 1.1870 on Friday.

"The Turkish financial markets may follow a cautious positive trend...We predict the lira will firm to 1.1730 due to tax payments," HSBC bank said in a report.

Companies sell foreign exchange to buy lira to make tax payments.

Bonds were weak on Friday, with the yield on the Aug. 5, 2009 benchmark bond <0#TRTSYSUM=IS> at 16.4 percent against Thursday's 16.29 percent.

The sentiment in Turkish markets was hurt in recent weeks by uncertainty over the security situation in the southeast of the country, where up to 100,000 troops have been assembled in preparation for a possible military assault on Kurdish militants hiding in northern Iraq.

Late on Thursday Turkey's second most senior general said Ankara was "in the process of implementing" a cross-border operation against Kurdish guerrillas in northern Iraq, but there have been no signs of increased military activity there.