Turkey's IMKB rises highly after AKP verdict

The Istanbul Stock Exchange (IMKB) rose Thursday as high as 4.51 percent to reach above 43,000 points for the first time since May after the country's top court ruled Wednesday not to close the governing AKP.

Turkey's IMKB rises highly after AKP verdict
The Istanbul Stock Exchange (IMKB), Turkey's main share index, rose Thursday as high as 4.51 percent to reach above 43,000 points for the first time since May after the country's top court ruled Wednesday not to close the governing Justice and Development (AK) Party.

The index climbed to 43,285.6 in the first half of the morning session with an increase of 1,865.35 points from Wednesday's 41,342.3.

The index was following an upward trend through the week with a 14.65 percent rise since last Friday as analysts said the Constitutional Court's ruling about the AK Party satisfied market expectations.

The court ruling has made a positive impact on the markets as it ended political uncertainty, analysts said.

One USD is 1.17 YTL while one Euro is 1.825 YTL at Istanbul free market.

Foreign investors positive about AKP verdict

Head of the Turkey's main share index said that country's top court ruling not to close the governing AK Party was received favorably by the foreign investors, ending a prolonged period of uncertainty.

"The ruling has opened Turkey's way and foreign investors are certainly positive on the issue," said Huseyin Erkan, president of the Istanbul Stock Exchange.

Erkan said foreign corporate investors had not exited the Turkish markets as they had the trust that the country would find a reasonable way out.

"They have never left. They are just waiting at the overnight market, waiting for the right time to re-enter," Erkan said.

Last Mod: 31 Temmuz 2008, 14:12
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