Turkish markets spike up after Moody's downgrade...

Just days after President Erdogan's meeting with Rothschild and Jewish leaders in New York, Moody's had downgraded Turkey's rating which has now bounced back

Turkish markets spike up after Moody's downgrade...

World Bulletin / News Desk

Borsa Istanbul bounced back at the open on Tuesday after it sharply fell in wake of an unexpected rate cut from Moody's.

Borsa Istanbul BIST 100 index was up 0.32 percent or 246.6 points to open at 76,972.34 points following a large loss it suffered on Monday due to the rate cut from the international credit rating agency.

The index, which slipped as much as 4.5 percent early Monday, managed to close the day at 76,725.73 points, 3.8 percent lower after recovering some ground.

According to experts, sharp losses in the Turkish markets were not that worrisome since it coincided with losses as much as 2 percent seen in the European markets. Meanwhile, the U.S. dollar rate against the Turkish lira retreated to 2.97 levels.

The lira recovered some ground  in the early hours of trade as the U.S. dollar versus lira rate was 2.9710 at market open (06.30GMT) compared to 2.98 at the close, down 0.3 percent.



Güncelleme Tarihi: 27 Eylül 2016, 10:26