MARKET COMMENT: Istanbul Stocks Off Highs After Strong Start

MARKET COMMENT: Istanbul Stocks Off Highs After Strong Start

0816 GMT [Dow Jones] IMKB 100 is 0.7% higher at 54,595.85, but now paring gains after a very strong open.

The index eclipsed the 55,000 mark and neared all-time highs before strong profit taking sentiment at these levels cut gains in half.

"The IMKB jumped out to an aggressive run at the opening bell, reaching a high of 55,129.02.

However, the near 4% gain over the past two days has increased profit taking sentiment and strengthened the resistance at 55,000," says Meksa Securities analyst.

Advises investors to trade carefully as the index reaches all-time highs.

"We maintain our positive view for Turkish markets in the long term, yet think that there may be some fluctuations in the near term future," says Meksa Securities analyst.

(Foreks) Contact us in London.

44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires
From: FXPR.com