End of bumpy week for Turkish stocks
Turkey's main stocks index fell 0.19 percent; lira loses against dollar before potential Fed rate hike in December
By Bahattin Gonultas
ANKARA
Turkey's benchmark stock index fell 196.83 points to 104,137 points at Friday's close.
The Turkish lira lost against the dollar amid growing prospects for an additional Fed rate hike in December.
On the last transaction day of the week, total trade volume reached over 4 billion ($1.1 billion).
The banking and holding sectors indexes dropped 0.19 percent and 0.93 percent, respectively.
Among all sectors, the BIST financial leasing index rose the most -- up 1.81 percent -- while the BIST mining index fell the most, with a 1.88 percent decline.
Shares of lender ICBC Turkey Bank (ICBCT) were the top gainer of the day with a 20 percent hike, while mining company Koza (KOZAA) witnessed the biggest drop, its shares falling 3.05 percent.
The BIST 100 stocks with highest trade volume were national flag carrier Turkish Airlines (THYAO), energy and mining company Ipek Dogal Enerji (IPEKE), iron and steel producer Kardemir Karabuk (KRDMD), private lenders Garanti and (GARAN) and ICBC Turkey Bank (ICBCT) and defense company Aselsan (ASELS).
The Turkish lira continued to lost ground against the U.S. dollar on Friday. The dollar/lira exchange rate dropped to 3.62 by 7 p.m. local time (1700GMT), compared with 3.59 at Thursday's close.
The exchange rate decreased by nearly 1.68 percent on a weekly basis, compared to 3.56 on Monday, Oct. 2.
Favorable employment numbers, combined with the findings on inflation and the steady pace of growth in the world's largest economy suggested the U.S. Fed could raise rates in two months.
