LONDON, Oct 12 (Reuters) - Turkish stocks extended gains onFriday as investors welcomed strong balance of payments data andthe government's tough stance on Syria, while the forint roseafter Hungary's leader talked up prospects of an IMF deal.
The Istanbul share market gained 0.5 percent
hitting its highest since May 2011 as it built on Thursday'sgains which followed data showing the current account deficitfell in August to its lowest level since 2009, boosting hopes ofa sovereign credit rating upgrade.
Turkish assets have also benefited from the perception thegovernment is protecting the country from the impact of thecivil war in neighbouring Syria.
"Turkey is seeing more flows into equities, with the indexnow close to post-2000 highs, a reflection of yesterday'scurrent account data and a vote of confidence in thegovernment's tough stance on Syria," Simon Quijano-Evans,emerging markets strategist at ING, said in a note.
Prime Minister Tayyip Erdogan said on Thursday a Syrianpassenger plane forced to land in Ankara was carryingRussian-made munitions destined for Syria's armed forces.
The forint rose 0.3 percent, hitting a one-month highagainst the euro
, after Prime Minister Viktor Orbansaid that Hungary is close to an agreement with theInternational Monetary Fund on setting up a financial safetynet.
Elsewhere in currency markets, South Africa's rand rose 0.68percent, hitting a one-week high
after freight employerssaid they had reached a wage deal to end a three-week strike bytruck drivers and manufacturing data for August beatexpectations.
Serbia's dinar hit its highest against the euro
since May, benefiting from a central bank interest rate hike to10.75 percent earlier in the week to rein in double-digitinflation.
hit a one-month high ahead of atranche of fresh China data over the weekend, with strength inthe banking sector outweighing weakness in resource-relatedsectors.
Broader emerging stocksedged up 0.2 percent aheadof U.S. inflation and sentiment data.
For GRAPHIC on MSCI emerging index performance 2012, see
For GRAPHIC on MSCI emerging Europe performance 2012, see
For GRAPHIC on MSCI frontier index performance 2012, see
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see
(Reporting by Shadia Nasralla and Carolyn Cohn; Editing by JohnStonestreet)
((Emerging Markets Prices from Reuters
Equities Latest Net Chg % Chg % Chgon yearMorgan StanleyEmrg Mkt Indx
997.77 +1.82 +0.18 +8.88
2379.11 -15.10 -0.63 +10.94
19121.69 -27.38 -0.14 +12.65
4814.38 +32.38 +0.68 +11.01
1484.39 -6.02 -0.40 +3.50
32214.89 -137.21 -0.42 +13.15Turkey69602.92 +25.32 +0.04 +35.77China2104.93 +2.06 +0.10 -4.30India18714.65 -90.10 -0.48 +21.09Currencies Latest Prev Local Localclose currency currency% change % changein 2012Czech Rep24.90 24.90 +0.02 +2.60Poland4.09 4.09 +0.09 +9.16Hungary280.89 281.45 +0.20 +12.00Romania4.56 4.56 +0.07 -5.27Serbia112.57 113.50 +0.83 -4.99Russia30.98 31.03 +0.14 +3.91
150.52 150.43 -0.06 -1.37Ukraine8.13 8.13 +0.00 -1.71
8.60 8.66 +0.61 -6.26Kenya85.15 85.25 +0.12 -0.23Israel3.84 3.85 +0.37 -0.69Turkey1.80 1.81 +0.08 +4.43China6.27 6.28 +0.17 +0.45India52.69 52.65 -0.08 +0.61Brazil2.04 2.04 -0.02 -8.78Mexico12.88 12.91 +0.27 +8.31Debt Index Strip Spd Chg %Rtn IndexSov'gn DebtEMBI+ 269 -3 0.04 694.92
Currency percent change calculated from the daily U.S.
close at 2130 GMT.))Keywords: MARKETS EMERGING