Turkish stocks up at opening session

Turkish lira gains significant value against foreign currencies thanks to country's new financial measures

By Gokhan Ergocun

ISTANBUL (AA) – Turkey’s benchmark stock index opened at 2,103.56 points on Tuesday, up 47.20 points, or 2.30%, from the previous close.

On Monday, the BIST 100 index closed the day at 2,056.36 points, by decreasing 28.11 points, or 1.35%, with a daily trading volume of 45.2 billion Turkish liras ($2.6 billion).

Following President Recep Tayyip Erdogan's announcement for a new program to compensate lira depositors for currency fluctuations, the lira gained significant value.

The US dollar/Turkish lira exchange rate dropped by 32.6% to 11.9810 as of 9.30 a.m. local time (0630GMT), versus 17.7980 at the previous close.

The euro/lira exchange rate was also down by 33.2% to 13.4090 from 20.0750, while a British pound traded for 17.5120 liras, decreasing rapidly from 23.6490.

Brent crude oil was sold for around $72.2 per barrel as of 10 a.m. local time (0700GMT).

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