Foreigners back in IMKB
Posted by meb at May 13th, 2008
Foreigners bought Turkish stocks in April, as concern about the impact of a global credit crunch on emerging market assets such as Turkish equities subsided. International investors bought a net $82 million-worth of shares in the month, according to figures published on the Web site of the Istanbul Stock Exchange yesterday. Foreign investors were net sellers of $343 million worth of equities the previous month. The Istanbul Stock Exchange’s benchmark IMKB-100 Index rose 11 percent in April. The measure has lost 24 percent this year following declines in global equities on concern economic growth in the U.S. is slowing. The index climbed 42 percent in 2007. Foreigners last month bought a net $164 million of shares in İşbank, the biggest non-state bank by assets. It was followed by Garanti Bank, the third-biggest bank on the index, with $32 million of net purchases, and Koç Holding, Turkey’s largest company, with $21 million. Turkcell, the nation’s biggest mobile phone operator, was the most-sold stock with net sales of $51 million. Hürriyet Gazetecilik, a unit of Doğan Media Group (DMG), with $32 million and Halkbank with $29 million followed Turkcell.
source: Turkish Daily News
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