960403

Istanbul shares

slightly up in

selective demand

ISTANBUL: Istanbul shares ended slightly higher on Wednesday in selective demand but were unable to break critical resistance at 69,000 due to insufficient fresh cash entry, brokers said.

The IMKB-100 .ISECgained a meagre 0.38 percent or 260.32 points to end at 68,743.89, after trading in a tight range of 67,847-68,900 in the day. Daily volume jumped to 14.06 trillion lira from Tuesday's 10.26 trillion.

"I expect range-bound trade, between 67,000-69,000, to continue this week in the lack of new cash entry. The market might still test the resistance in selective demand but looks unlikely to break it unless there are some fresh news to move the market up," Zafer Onat from Global Securities said.

Brokers said nervousness due to uncertainty over the new centre-right coalition government's economic programs discouraged cash entry into the Exchange, and even Tuesday's 2.32 percent boost failed to cheer up the market.

"Today's was a small rise despite the pick-up in the volume and the index was unable to follow the morning's upturn. Selective demand ahead of companies' quarterly results looks likely to continue," Haldun Sertel from Can Securities said.

Market sentiment improved on Tuesday after the Treasury sold 124.3 trillion lira of 210-day t-bills, the longest maturity so far this year, at lower yields.

The 87-share industrial index .ISEIlost 0.06 percent to 75,589.87 while the 13-share financial index .ISEFgained 1.8 percent to 61,024.36.

Among the session's most active shares were those of cement producer Akcimento, which gained 11,000 lira to 75,000, Dogan Holding, which lost 50 lira to 4,300 and insurance company Ak Sigorta which rose 2.250 lira to 20,250.

Of the 213 shares traded, losers outdid gainers 88 to 80 and 45 shares were stable.-Reuter