950818

Istanbul shares

end down after

range-trading

Turkish shares

down in dull-

range trading

ISTANBUL: Istanbul shares ended 0.90 percent down after range-trading in a session that moved slowly in the absence of fresh impetus, brokers said.

The IMKB-100 closed 414.59 points lower at 45,801.08, after trading between 45,187 and 46,244 in the second session. Daily volume was 6.87 trillion lira, half of Thursday's 12.21 trillion.

But some brokers disagreed, saying the positive developments in the money markets could push some money into the cash-drained exchange next week, helping to give it a boost.

The lira firmed versus the dollar, which closed at 47,540 lira after the central bank intervened during the day to pull it up from 47,750 at open.

Overnight money rates also eased to 32 percent from 41 percent at open in a market kept liquid due to the maturing bonds despite the central bank's open market operations and dollar sales for lira to drain it.

The index, bogged down by political worries in the first half of the week due to a key parliamentary vote on a by-election proposal, recorded only a meagre loss of 0.2 percent last week.

Nerves eased in the exchange after parliament rejected the by-election proposal on Wednesday but the upturn hoped and expected by many brokers did not take place.

Out of the 200 shares traded, 115 declined, 29 advanced and 56 ended unchanged.

The 79-share industrial index (.ISEI) lost 1.26 percent to end at 52,152 and the 21-share financial index (.ISEF) gained 0.39 percent and finished at 36,257.-Reuter