A source of disappointment in 2006, IMKB becomes a rising star in 2007
Posted by meb at February 19th, 2007
While recording 1.7 percent loss in 2006, the Istanbul Stock Exchange had a head start in 2007. Climbing 11.55 percent in the new year, the IMKB became the eighth best performer of the world’s bourses
The Istanbul Stock Exchange (IMKB) was the worst hit bourse in the world during the global market fluctuations in May and June of last year. It was also among the four bourses that recorded losses for its investors in 2006. However, the wind is blowing in a positive direction this year and the IMKB’s star is shining once again.
In an upward trend particularly since mid-January, the IMKB is among the best performing bourses in 2007. Having recorded a decline of 1.7 percent in 2006, the Istanbul Stock Exchange has climbed 11.55 percent since the beginning of the new year, thus securing its place as the eighth best performing bourse out of the 47 bourses in the world.
Despite uncertainty surrounding the presidential elections in May and general elections in November, the IMKB has performed extraordinarily so far this year, mainly because of foreign investments.
One factor accelerating foreign purchases in the IMKB was that Finance Minister Kemal Unakitan assured foreign investors during his meetings in London and New York that there would not be any tensions during the elections. Thus, foreign purchases in the IMKB during January reached $2 billion, the largest monthly foreign entry ever recorded. On the other hand, another factor that contributed to the IMKB’s climb was the continuing interest of international liquidity in emerging markets like Turkey.
The Peruvian exchange
Among the 47 bourses in the world, emerging markets are the best performers and the most traded ones. The Peru bourse was the leader in 2006 with its 168.3 percent climb. The Peruvian exchange that closed 2006 with 12,534 points, climbed 16.37 percent so far this year, keeping its number one spot.
The Malaysian Bourse is second after Peru with its 21.8 percent climb in 2006 and yet another 15.15 percent since the new year.
The Brazilian bourse, frequently compared with Turkey’s, has gained 3.33 percent since the beginning of the year. The figure for the South African bourse is 6.16 percent. The New York Stock Exchange is at its record high and the Tokyo Stock Exchange is at a seven year high. European stock exchanges are also at six-year highs.
source: www.referansgazetesi.com
Related posts: