Turkish markets weaken on wide trade deficit

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Business

Feb 28, 2011 12:00 am GMT+3

Feb 28, 2011 12:00 am

Turkish stocks fell, bond yields rose and the lira weakened against the dollar on Monday after January trade data showed a much larger than expected deficit.

The main share index .XU100, which had opened higher, was down 0.61 percent at 60,994 points after the data, which showed the trade deficit surged 89.4 percent year-on-year in January to $7.312 billion.

Figures for January of 2011 show that exports increased by 22.1 percent compared to the same month last year, reaching 9.561 billion dollars. Imports saw a 4.3 percent increase totaling at 16.873 billion dollars.

The lira IYIX= weakened to 1.6000 against the dollar from a closing price of 1.5930 on Friday and the yield on the benchmark Nov 7, 2012 bond <0#TRTSYSUM=IS> rose to 8.65 from 8.61 percent.

Last Update: Feb 28, 2011 1:08 pm

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