Markets To Focus On Cyprus And Local Elections

ISTANBUL - Turkish markets are expected to focus this week on Cyprus negotiations and the Turkish local election scheduled for 28 March, the Weekly strategy report by Gedik Investment and Securities said.
The report stated that completion of the seventh review with the International Monetary Fund (IMF) was expected to have a positive impact on markets.
The report said, ''we expect the markets to focus on ongoing Cyprus negotiation process and the result of local elections to be held at the end of March in the short term.''
Touching on the meeting of the Investment Consultative Council that was taking place in Istanbul under chairmanship of Prime Minister Recep Tayyip Erdogan, the report said, ''we predict that the Investment Consultative Council can yield positive results in the medium term for inflow of direct foreign investments in Turkey in a period when Turkey has ensured political and economic stability.''
Making a technical forecast of the index, the report said, ''we consider closure of the index over 19,000 points last week positive. We also think that IMKB-100 Index has a potential to rise further as long as it stays above 19,000 level and we predict that the index will go above 20,200 points.''
Gedik Investment recommended investors not to start panic selling before the index falls below 18,000 points.
The Istanbul Stock Exchange (IMKB) National-100 Index in Friday's second session dropped 119.34 points to 19,364.41 and shares lost 0.61 percent in value when compared with prices at the close of previous first session.
(BRC-AÖ) 15.03.2004