Turkish stock rally interrupted, lira continues surge
Turk Telekom and Halk Bank were the worst performers
Profit-taking in Turk Telekom interrupted a rally in Istanbul this morning. The country’s largest mobile carrier came off a 9-month high after the CFO declined to upgrade earnings guidance at a conference call this morning — although he said that upside surprises were likely.
Turk Telekom and Halk Bank were the worst performers in the XU30 index (JP Morgan took Halk off its recommended list yesterday). But the Turkish lira continued to strengthen against the dollar, pushing the US-traded Turkish ETF (TUR) up about half a percent in early trading.