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Turkish Markets while you were asleep (09/12/2011)

|Includes:TKC, TKF, iShares MSCI Turkey ETF (TUR)

The first session saw the index down 1.25%. Sales were across the board with no sub-index printing a positive number during the first half of the day. The Turkish market has not been able to sustain a positive divergence from the World and especially European  markets that continue to loose ground in the current crisis.

Several important data prints have come out. First in the morning was the CNBC-E Consumption index which printed a 2.4% decling m-o-m in August.

Meanwhile the GDP numbers came in at an extremely strong 8.8%, blowing through the median analyst expectation at 6.8%. However, this did not have an impact on the course of the markets, which still opened in negative territory. While the equity markets shrugged the news, the yield of benchmark 2yr rate rose by 7bps to 7.89% and the TL pared some of the earlier losses suffered in the day. 

Stocks: TUR, TKC, TKF