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Istanbul shares

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ISTANBUL: Istanbul shares ended 4.67 percent higher in political optimism ahead of Wednesday's parliamentary assembly on a by-election proposal, brokers said.

The IMKB-100 ended 2,109.95 points higher at 47,249.74 after fluctuating between 47,130 and 45,112.

"I think the by-election proposal will drop out of the political agenda after the parliament's general assembly on Wednesday," Zakai Ayugul, general manager at Hak securities, said.

"Technically the index has the potential to rise to 50,000," he added.

Parliament will convene on Wednesday to vote on a rejection by the constitutional commission of a proposal by the main opposition Motherland Party (ANAP) for by-elections in October.

The index picked up today up after the constitutional commission rejected the proposal. But according to Turkish constitution, the rejection still has been voted by parliament.

Daily volume reached a hefty 14.01 trillion lira, almost trippling Monday's meagre 5.47 trillion and some dealers commented the healthy jump confirmed the start of an upward movement in the Istanbul index in easing political tension after the commission's rejection.

The index saw a second rise in the session, pulled up by demand in public sector shares. It then calmed and became directionless after the Treasury announced 76.03 trillion lira of sales in its nine-month Treasury bill auction but still ended with gains.

The 79-share industrial index (.ISEI) ended 5.05 percent higher at 54,154 and the 21-share financial index (.ISEF) gained 3.36 percent to close at 36,555.

Out of 203 shares traded, 160 advanced, 27 lost and 16 ended unchanged.

The session's most active share were those of the utilities sector firm, Cukurova Elektrik, closing up 2,000 lira at 19,750. They were followed by the partially-privatised flat steel giant Eregli shares, gaining 400 lira to end at 7,300.-Reuter