Turkish banks lifted the nation’s benchmark stock index to a record as investors speculated S&P will raise the nation to investment grade and as Kurdish militants started withdrawing from the country today.
Turkey’s banking index advanced 2.6% to the highest level since at least May 2001, driving the Borsa Istanbul gauge of 100 largest stocks up 1.6% to 90,852.21 at the close in Istanbul. Financial stocks have a 57% weighting in the benchmark measure, according to data compiled by Bloomberg.
The Hang Seng China Enterprises Index of mainland companies rose 1.5% and the Shanghai Composite Index added 0.5 percent
Chinese exports surged 14.7% in April and imports advanced 16.8% last month, while the trade surplus was a higher-than-projected $18.2 billion, data from the General Administration of Customs showed.
Export growth accelerated even as shipments to the U.S. and Europe fell, spurring Bank of America Corp. and Mizuho Securities Co. analysts to say the figures were inflated by fake reports.
“The Chinese trade data are the first sign in a while that the economy is doing better, and they are importing and exporting more commodities,” Pengjiang “Richard” Fu, director for Asian commodities trading at Newedge Group SA in London, said by e-mail today. “The Chinese economic figures have not been satisfactory for most of this year, so any change will have a positive reaction in commodities including metals prices.”