Turkish stocks up nearly 10 pct tracking global markets
Posted by meb at November 24th, 2008
Turkish stocks jumped nearly 10 percent on Monday on positive global markets and action by the Turkish government to boost the slowing economy, including a likely deal with the IMF.
Istanbul’s main share index closed 9.88 percent up at 24,137.02 points.
Turkey’s lira also firmed to 1.59 against the dollar, 2.93 percent stronger than the currency’s close on Friday at 1.6745.
Stocks on Wall Street also rose further on Monday after data showed U.S. existing-home sales fell in October about in line with expectations, adding to earlier gains on the government’s $20 billion injection of new capital into Citigroup.
The Dow Jones industrial average rose 155.55 points, or 1.93 percent, to 8,201.97. The Standard & Poor’s 500 Index climbed 18.45 points, or 2.31 percent, to 818.48, while the Nasdaq Composite Index was up 31.72 points, or 2.29 percent, at 1,416.07.
source: Hurriyet daily news
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