950804

Istanbul stocks eases

on inflation data

ISTANBUL: Turkish stocks fell on higher-than-expected July inflation figures which further dampened sentiment in the cash-stripped and unmotivated market, brokers said.

The IMKB-100 finished down 309.41 points, or 0.62 percent at 49,630.15, after rebounding from an early low of 48,568.47. It had lost 5.4 percent in the last four days.

Morning volume eased to 6.54 trillion lira from 6.71 trillion on Thursday.

Brokers said the market opened with purchases in reaction to Thursday's 2.55 percent fall, but the announcement of inflation data triggered strong sales soon after the opening.

Turkey's consumer prices rose by 2.9 percent in July after 2.0 percent in June and wholesale inflation was 2.4 percent, up from 1.3 percent in the previous month.

Brokers said mild support of the index was seen at 48,500 after the recent losses, but the market could again test this level before starting a rebound.

The 79-share industrial index (.ISEI) fell 0.66 percent to 56,290.94 and the 21-share financial index (.ISEF) eased 0.47 percent to 39,820.83. Out of the 200 stocks traded, 88 fell, 40 rose and 72 were steady.-Reuter