Turkey Stocks Rise for 2nd Day as Consumer Confidence Rebounds

Turkish stocks rose for a second day after consumer confidence rebounded in November from last month’s year-low and better-than-expected U.S. data signaled the world’s biggest economy is strengthening.

The benchmark ISE National 100 Index (XU100) rose 0.5 percent to 51,886.47 at 10:09 a.m. in Istanbul, paring this week’s decline to 3.2 percent.

A gauge of Turkish consumer confidence rose in November to 91, advancing from last month’s year-low of 89.7, according to data released by the Ankara-based statistics agency today. U.S. initial jobless claims unexpectedly dropped to a three-year low and Federal Reserve gauges of manufacturing in the New York and Philadelphia regions topped estimates.

“The consumer confidence data definitely contributed to the positive momentum at the stock exchange,” Tunc Obuter, chief trader at Garanti Yatirim Menkul Kiymetler in Istanbul, said by telephone. The stock market opened higher tracking Asian markets, which rose for the first day in four on the U.S. data, he said.

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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