Türkeifonds - Türkei 75 Plus

Market comment

After following a rather more resilient trend vis-à-vis foreign markets throughout the week, ISE stocks managed to finish the week on a positive note going into the long-weekend. At close, ISE benchmark index was at 59.4k, up 1% on a weekly basis. During the week ahead, market participants are expected to focus more on the fast approaching referendum and the reflections of the stimulus measures taken by Japan, but for today,ISE is expected to open lower tracking the drop in equities across the board as the bearish sentiment resurfaces.

Economy

18% YoY wage increase offered to civil servants by the government for 2011: The government and the Memur-Sen agreed on the 2011 wage hike scheme as the other two unions Kamu-Sen and KESK have not signed the accord

News in brief

Qatari First Investment Bank president Al Marri says they are in talks with Ihlas group to acquire Ihlas Finans.

Tofas will start exporting to Mexico