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Istanbul shares

ease 0.8 pct, but

support holds

ISTANBUL: Shares dropped an average 0.82 percent on the Istanbul Stock Exchange in continued down correction and extremely thin trade on Friday, but critical support at the index's 70,000 mark held, brokers said.

The market was also concerned by a potential threat to the new conservative coalition posed by the main opposition Islamist Party's (RP) attempt to have former premier Tansu Ciller to be impeached on corruption charges, they added.

The IMKB-100 .ISECclosed down 579.77 points at 70,070.59 after rebounding from an afternoon low of 69,620. Daily volume plunged to 7.57 trillion lira from Thursday's 12.61 trillion.

The index which hit an all-time high of 72,086.84 on Monday, shed 1.23 percent this week after last week's 5.8 percent jump.

"Friday's easing was a down signal, proven by the low volume. People struggled to keep the index at above the 70,000 mark. Sales pressure will continue next week," said Murat Emrali from Eczacibasi Securities.

He said downward money and t-bill rates helped the market's struggle at above the 70,000 level this week, but a firmer dollar was a discouraging factor.

Brokers await new support at around 69,000 if the 70,000 barrier, which held in several attempts this week, is shattered next week.

Many brokers expect quiet and narrow trade next week if the lack of fresh cash entry and market-moving expectations continues.

The RP asked parliament to debate impeaching Ciller on two allegations, the first of which will be decided on April 24.

Prime Minister Mesut Yilmaz has avoided speaking up for his coalition partner Ciller and has instructed his Motherland Party MPs to vote with their consciences in the April 24 debate.

The 87-share industrial index .ISEIslipped 0.46 percent to 76,515.11 while the 13-share financial index .ISEFfell 1.93 percent to 63,579.54. Of the 213 shares traded, 98 fell, 54 rose and 61 were steady.

Actives were led by forestry firm Kav Orman, down 1,000 lira at 43,500 and utility Cukurova Elektrik, down 1,500 lira at 43,000.-Reuter