turkish lira stocks fall on rising oil prices
Last Updated : GMT 10:17:55
Arab Today, arab today
Arab Today, arab today

Turkish lira, stocks fall on rising oil prices

Arab Today, arab today

Arab Today, arab today Turkish lira, stocks fall on rising oil prices

Istanbul - Arabstoday

The Turkish lira has slipped to its weakest level against the dollar in nearly two weeks on Wednesday, stocks dipped and the benchmark bond yield reached a one-month high due to worries about the impact of rising oil prices and geopolitical risks. On a more positive note data showed the jobless rate fell in May to a 10-year low, reflecting job growth in the services sector and seasonal effects. Istanbul’s main share index was down 0.21 per cent at 64,024 points, in line with a 0.4 per cent fall in the MSCI emerging markets index. Turkey’s two-year benchmark bond yield stood at 8.10 per cent, up from a previous close at 7.98 per cent. Bond yields rose 10 basis points on Tuesday when low demand at an auction meant the Treasury narrowly failed to reach its August borrowing target of 16 billion lira ($8.87 billion). “The rise in oil prices and geopolitical risks spoiled the rally in the bond market. We will see 8 per cent in intraday trade, which is an important support level,” analysts at Halk Invest said in a note. The 17-month uprising in neighbouring Syria is weighing on Turkish financial markets on worries Turkey could be adversely affected by sectarian strife or become embroiled in the conflict. The benchmark bond yield fell as low as 7.47 per cent earlier this month as falling inflation and a narrowing current account gap boosted demand from investors. Some traders said the rise in bond yields was partly due to  profit taking following the rally. However, a rise in the oil price in recent days to its highest since May poses risks for the inflation outlook and current account deficit and is putting pressure on the lira. The currency was slightly weaker against the dollar at 1.8047, compared with 1.8020 late on Tuesday. from:gulftoday

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