Turkey's heavily-sold equities reversed morning losses of 3 percent to close 2 percent higher on Friday helped by gains in US equities and on expectations of future rate cuts in Turkey which pushed bond yields lower. The lira also trimmed some losses against the dollar with the modest recovery in risk appetite on global markets.
The main Istanbul share index closed 2.15 percent higher at 53,061.74 points, outperforming the MSCI emerging markets index which was down 2.2 percent. The lira which weakened to 1.7900 in early trade on Friday closed at 1.7840 compared with a previous close of 1.7760. The benchmark May 15, 2013 bond compound yield closed at 7.84 percent on Monday-dated trade following some expectations of a policy rate cut in the monthly monetary policy meeting (MPC) on August 23. The compound benchmark yield closed at 7.90 on Thursday.
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