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Turkish stocks up at opening session

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).

source: News Feed
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