12/9/2009

Turkish stocks may soar to record in 2010

Bloomberg - The ISE (Istanbul Stock Exchange) National 100 Index jumped 3.7 percent in one day after Fitch lifted Turkey to BB+, the highest speculative-grade rating, citing the economy’s “resilience” during the global financial crisis. The gauge is “in a very strong technical position which has it ‘poised to soar’ from current levels”, Richard Ross, a global technical strategist at Auerbach in New York, wrote in a report. Turkey’s stock index will probably test its record of 58,864, set on October 15, 2007, within the next six to nine months, after which it may “push out” to a new high of about 63,000 by the end of 2010, according to the note.