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UEFA

Turkish football club shares were volatile on the back of a UEFA match fixing ruling on Wednesday, when local assets were broadly firmer on easing concerns over the Federal Reserve’s plan to cut back its monetary stimulus.

Shares in football clubs Fenerbahce and Besiktas slid 9.2 percent and 3.45 percent respectively after they were banned from European soccer for two seasons for their involvement in a domestic match-fixing scandal.

Among clubs not linked to the match-fixing affair, Trabzonspor rose 9.5 percent and Galatasaray 4.1 percent.

The main Istanbul stock index rose 2.42 percent to 72,935.03 points after tumbling to its lowest level so far this year on Monday.

The lira firmed to 1.9315 by 0945 GMT from 1.9350 on Tuesday and after hitting a historic low of 1.9602 on Monday.

The 10-year benchmark bond yield eased to 8.72 percent from 8.81 percent on Tuesday.

The central bank held a one-week repo auction on Wednesday for a third consecutive day with a volume of 4.5 billion lira ($2.33 billion), with funding to be provided at its policy rate of 4.5 percent.

“Global markets have calmed down, and Tuesday’s U.S. data was very optimistic, and that has been reflected in our markets as well,” an Istanbul-based banker said.

“The central Bank held a 4.5 billion lira repo auction, which signalled that it will hold a forex-selling auction again,” he added.

On Monday, the bank said it would hold one-off forex auctions of at least $150 million on days when it provides lira funding at its policy rate – a bid to keep interest rates low without weakening the currency. It sold $300 million this week and $400 million last week through forex auctions.

Shares in football clubs Fenerbahce and Besiktas slid 9.2 percent and 3.45 percent respectively after they were banned from European soccer for their involvement in a domestic match-fixing scandal.

Among clubs not linked to the match-fixing affair, Trabzonspor climbed 9.5 percent and Galatasaray rose 4.1 percent.

The main Istanbul stock index rose 2.42 percent to 72,935.03 points after tumbling to its lowest level so far this year on Monday. ($1 = 1.9311 Turkish liras) (Writing by Ece Toksabay; editing by Ron Askew)

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