Turkish stocks rise as interest rates continue to ease

Published December 10th, 2000 - 02:00 GMT

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)

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