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Istanbul stocks

ease in narrow

trade

ISTANBUL: Shares on Istanbul's stock market eased in narrow and directionless trade after early weak buying was barricaded by technical resistance at the composite index's 46,300 level, brokers said.

The IMKB-100 closed at 45,552.12, down 165.30 points, or 0.36 percent from Monday when it gained 0.38 percent. It touched a low of 45,229 after easing from a morning high of 46,216.

Daily volume firmed to 6.78 trillion lira from Monday's 5.68 trillion.

"The index turned downward after the 46,000 resistance was confirmed once more, but the 45,000 support is still holding," said Bulent Onder from Acar securities.

Brokers expect political concerns to continue to overshadow the market in the absence of fresh cash inflow.

The political concerns are linked to a September 9 congress of the junior coalition partner Republican People's Party (CHP) and press reports of squabbling within the senior coalition partner True Path Party (DYP).

"News will set the market's course, but technically, the index is at a critical point. If it falls below 44,500, we may see 43,800 levels. If it pierces the 46,000 barrier with high volume, an upward movement will follow," said Kursat Aydin from Entz securities.

Turkish markets will be closed for a national Victory Day holiday on Wednesday. The exchange postponed today's settlements to Friday from Thursday.

The 21-share financial index eased 0.19 percent to 35,835.96 and the 79-share industrial index fell 0.41 percent to 51,960.71. Of the 203 shares traded, prices of 84 fell, 51 rose and 68 finished unchanged.

Actives were led by partially privatised flat steel giant Eregli, steady at 6,900 lira, utility Cukurova Elektrik, up 250 lira at 20,000, Ihlas Holding, steady at 27,000 lira, utility Kepez Eletrik, steady at 32,500 lira.-Reuter