Markets

Turkish lira, shares stronger on low deficit

ISTANBUL: Turkey's lira and shares firmed on Wednesday helped by data showing a narrower than expected current account

Published February 13, 2013 Updated February 13, 2013 11:57am

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By Muhammad Iqbal

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The yield on the two-year benchmark bond was flat at 5.80 percent.

Turkey's current account deficit fell to $48.9 billion in 2012 from $77.2 billion a year earlier, central bank data showed, narrowing sharply in line with a rapid slowdown in domestic demand.

By 1033 GMT, the lira had firmed to 1.7681 per dollar , from 1.7720 late on Tuesday. Against its euro-dollar basket it strengthened to 2.0748 from 2.0785.

"The current account deficit supported the lira as it showed the forex outflow was lower than expected," said Yasin Demir, treasury and fixed-income manager at Is Investment.

Bank stocks rose after the sector's BDDK watchdog said bank profits rose 19 percent last year.

Istanbul's main share index was up 1.14 percent at 78,966.44 points, led by banking shares which rose 1.58 percent. The global emerging markets index was up 0.52 percent.

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