960419

Istanbul shares

end lower with

minor losses

ISTANBUL: Istanbul shares ended the week with minor losses, after aimless trade on Friday in a market whose prospects were clouded by politics and the lack of cash influx, brokers said.

The IMKB-100.ISEC lost 0.38 percent or 252.80 points to end at 66,360.18, after sailing in a very tight band at around 66,000 in dormant afternoon trade. Daily volume eased to 6.05 trillion lira from Thursday's 6.14 trillion.

Weekly losses totalled 5.3 percent, up sharply from last week's 1.2 percent drop.

"It is hard to see the market's future course. The index may drift range-bound until the parliamentary debate on April 24.

The market is anxious ahead of a parliamentary debate on Wednesday, when the main opposition Islamist Welfare Party's (RP) one of the two allegations against former premier and True Path Party leader Tansu Ciller will be debated.

Seven of the eight brokerages whose activities were suspended on Thursday by the regulatory Turkish Capital Markets Board (SPK), resumed trade on Friday, except for Tur Securities, where the SPK began an investigation on share custody records.

Brokers said market sentiment was spoiled by the early announcement that Turmen would not reopen today. Of the 100 brokerages operating on the Exchange, five are under suspension.

The index has been in a down trend since last week mainly on political concerns, following its 80 percent hike from end-December to last Monday's all-time close.

Among the most active shares were those of utility firms Kepez Elektrik which gained 2,500 lira to end at 49,500 and Aktas Elektrik, putting on 15,000 to 390,000 lira.

The 87 share industrial index .ISEIlost 0.39 percent to 72,865.07 and the 13-share financial index .ISEFlost 0.36 percent to 59,174.42.

Of the 216 shares traded, losers outdid gainers by 123 to 49 and 44 shares were unchanged.-Reuter