Turkish lira, bonds firm as current account gap beats expectations
ISTANBUL, Nov 13 (Reuters) – Turkey’s lira and bonds firmed on Thursday after its present account deficit was available in narrower than anticipated in September, while shares in pension firm Avivasa increased near three percent in their stock exchange debut.
The lira reinforced to 2.246 from over 2.25 against the buck late on Wednesday, while the 10-year government bond return went down to 8.63 percent from 8.75 percent.
Turkey’s existing account shortage, its major financial weak point, inched as much as $2.2 billion in September from a revised $2.15 billion in August, however was below the $2.6 billion projection in a Reuters survey and also well below the $3.4 billion deficiency in September in 2012.
The Istanbul stock index was up 1.28 percent by 0900 GMT, exceeding the wider MSCI emerging markets index, which was level.
Shares in Avivasa, the joint venture pension system of British insurance provider Aviva Plc and also Turkey’s Sabanci Holding, were up 2.6 percent at 48.25 lira in their first trading session.
Aviva and Sabanci completed the flotation protection of a 19.7 percent stake in Avivasa on Monday, valuing the company at 1.68 billion lira ($746 million), in an offering that was almost three times oversubscribed. (Reporting by Nevzat Devranoglu; Writing by Nick Tattersall; modifying by Ralph Boulton)
- Financial investment & & Firm Details
- bank account deficiency