Turkish stocks soar 19.5 percent
Istanbul's stock market soared 19.5 percent by the close Tuesday, December 5, following government hints that it was near a deal with the International Monetary Fund on rescue funds.
The Istanbul market's national index rose 1,426 points to close at 8,755 points.
It was the first rally after two weeks of sharp falls as the country suffered a cash crunch, massive flight into foreign currency and sky-rocketing interest rates.
The stock exchange had slumped by 44 percent since mid-November.
Prime Minister Bulent Ecevit said "everything is on the right lines" in the talks with the IMF. His deputy, Mesut Yilmaz, said Ankara "agrees totally" with the IMF on measures to end the turmoil.—(AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)