Turkish stocks upped 80 pct in 2003, investors eye Cyprus
The lira was unchanged at 1,402,000 against the dollar, representing an appreciation of 17.69 percent this year. Yields on the most active January 26, 2005 debt edged up to 25.51 percent on the last trading day of 2003. At the end of 2002, yields on the most active debt stood at 55.72 percent.
The sale price of gold bullion increased by 2.72 percent in 2003.
Analysts eye the developments in the beginning of the new year. Stock Market was closed yesterday due to official holiday.
"In the New Year, uncertainty surrounding the formation of a government in Cyprus will be on the foreground. Separately the foreign ministry has been working on a new Cyprus plan and it is important that it agrees on this with the military," said TSKB Securities fund manager Sermet Sevil told Reuters.
The market is focused on efforts to form a government in Turkish Republic of Northern Cyprus. The leader of the biggest party in the parliament, Mehmet Ali Talat, has begun holding talks with party leaders.
Talat supports the U.N. plan for reuniting the island but will need to bring opponents of the plan into a coalition in order to achieve a majority in the 50-member parliament.
Turkey’s hopes of starting entry talks with the European Union in early 2005 could be damaged if he fails to form a government, raising the possibility of fresh elections and a further delay in reunification talks.
