Türkeifonds - Türkei 75 Plus

Market comment

The ISE benchmark opened flat yesterday and traded range-bound with a slight negative bias for the remainder of the day. Nevertheless, the index managed to close the day with 0.2% gain at 61,100 as the last minute buying action pushed the ISE higher. For today, we expect the ISE to open flat with a slight downward trend, due to the mixed signals coming from the global markets.

Politics

At a ceremony marking the start of the 2010-2011 judicial year, the Supreme Court of Appeals Head, Gerceker, criticized the judiciary-related articles of the proposed constitutional amendments saying they violate the separation of powers and would add to the conflict between the courts and the executive power

Economy

As was evident with the postponement of the “Fiscal Rule”, Finance Minister Simsek said the additional revenues generated so far in 2010 would be spent since the budget deficit to GDP ratio was in a downward trend

In its evaluation note on the August inflation, CBT commented that while the service sector prices are engaged to slower inflation, the core inflation trends stand compatible with the medium term targets

News in brief

Foreign investors were US$32mn net buyers on the ISE in August.

Undersecretariat of Customs eased limits on the purchase of specific duty-free items -

Madenkoy copper mine of Park Elektrik will resume operations on September 15 after a four month break due to conflict with workers