Index

Turkey?s economic confidence index fell by 15.4 percent in March due to decreases in a number of indices, according to data released by the Turkish Statistical Institute (TÜ?K) on March 30.

The economic confidence index fell by 15.4 to 74.85 in March, down from 88.50 in February.

By Alan Soughley

European stock-index futures advanced, indicating equities may extend gains, as investors watch Greece for any details on efforts to secure more funds and avoid fiscal collapse.

Stocks were split down the middle between gainers and losers on Friday as the market nervously observes the simmering tensions between the government and the eurozone, with the outcome of negotiations being all the more uncertain. The benchmark added half a percentage point to bring its weekly gains to 3.26 percent.

Cash is drying up in the Greek market and this is being felt increasingly at the local bourse as well, as the benchmark saw all its Tuesday gains evaporate on Thursday on relatively low turnover.

A second day of significant gains for local stocks on Tuesday suggested that investors are fostering fresh hopes that Greece?s creditors have softened their stance and the country will see its cash crunch ease in the coming days, averting a feared default. Turnover dropped below 100 million euros again.

Turnover rose above 100 million euros as Greek stocks gave up more ground on Thursday, with the fact that investor interest in the local stock market is only piqued when it?s time to sell becoming increasingly clear. Traders harbored little hope for progress in the premier?s talks in Brussels.

The European Commission?s disapproval of the Greek government?s unilateral moves regarding bills on the humanitarian crisis and the 100-installment payment plans for taxpayers, as well as a warning from the head of the Eurogroup that measures such as the capital controls imposed on Cyprus in 2013 could also be applied in Greece inflicted fresh losses on local stocks on Wednesday.

The local stock benchmark?s streak of losses may have been broken, but Tuesday?s early gains of 3 percent had been whittled away to less than 1 percent by the end of the session, as traders? political and economic expectations appeared to crumble.

Early losses at the Greek bourse were followed by an attempt at a rebound which was quickly snuffed out by sellers on Monday, leading the benchmark to end up in the red again. Trading volume continued to shrink, with investors avoiding any commitment to local securities as they still fear the worst.

Perpetual warnings about an ?accident? and threats of a Greek referendum continued to aggravate the mood in the local economy on Friday, as reflected in the Athens stock market, which lost over 3 percent.