Turkish stocks rise as interest rates continue to ease
Turkish shares gained 4.65 percent on Friday, December 8, and interest rates continued to fall in the aftermath of a massive rescue package from the International Monetary Fund for crisis-hit Turkey.
The Istanbul market's index rose 435 points to close at 9,799, while the average overnight rate at the money markets decreased to 82 percent from a record 1,700 percent at the beginning of the week.
The stock market had slumped 9.85 percent on Thursday, widely been expected after a steep climb in the previous session, triggered by the announcement of a $10 billion aid injection from the IMF for Turkey's cash-starved markets.
The Istanbul stock exchange is a volatile market and fluctuations in the coming days will be normal, experts say.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)