The İstanbul Stock Exchange (İMKB) rose sharply in the opening of the morning session, reaching an all-time in-session record level of 60,718.93 points. At this point investors launched a sell-off wave to profit on their holdings, bringing down the market to 60,250 points. The first trading session ended at 60,462.94 points -- 0.43 percent, or 257.82 points, higher than Tuesday’s close. Sales continued in the second session and, as of 3 p.m., the index was virtually flat at around 60,330 points.
The index also registered a record high closing of 60,328 points on Tuesday. The last time the index hit a record at closure was with 59,919 points last week.
European shares were also up in early trading yesterday, extending a rally into a seventh session. At 0834 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,056.77 points, having risen 0.5 percent in the previous session to its highest close since June 21. The index is just 5.2 percent off its April peak, as worries about the eurozone’s sovereign debt crisis have receded. Banks were among the major gainers, with the STOXX Europe 600 banking index at its highest in three months. Banks were extending gains from Tuesday, when they were boosted by strong earnings from UBS, and the new Basel III capital rules proving less stringent than feared. They had also gained on Monday after the vast majority of banks passed stress tests. Those on the rise included BNP Paribas, Barclays, Credit Agricole and Societe Generale, up between 1.1 and 2.1 percent.
Deutsche Bank said in a note that it was moving its stance on the banking sector to “neutral” from “underweight.” But Spain’s second-largest bank, BBVA, reversed earlier gains, to trade 0.6 percent lower, though it beat analyst forecasts, after bad loans fell and overseas gains partially offset a sluggish domestic business. “Earnings are coming through better than expected,” said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin. “Banks are better, with Basel, and the stress tests, having underperformed for some time. There’s an abatement of worries about the eurozone peripheral economies. Some of the macroeconomic data is pointing to a slowdown, but investors are making up their mind there won’t be a double dip.” Miners gained as copper prices hit their highest levels since mid-May in both Shanghai and London on assurance from China about the economic growth outlook. Other metals also gained.
Across Europe, Britain’s FTSE 100 and Germany’s DAX were up 0.1 percent; France’s CAC40 rose 0.4 percent.
