World Bulletin / News Desk

Turkey's markets and assets looked set to rally on Monday after voters gave a vote of confidence to the ruling Justice and Development (AK) Party led by Prime Minister Recep Tayyip Erdogan in the country´s local elections.

The markets have reacted well to the local elections, with Borsa Istanbul's BIST-100 index opening up and gaining 1.95 percent. The benchmark BIST-100 index increased by 1,347.41 points from its starting point at 70,464.73.

The lira has also gained against the US dollar, moving to 2.16 Turkish lira to a US dollar from 2.17. Analysts think that the AK Party victory shows that the country will remain stable.