'Turkey should take capital market as strategic sector'

By Handan Gunes

ISTANBUL

The capital market should be defined as a strategic sector and embraced at the top level, the head of Turkish Capital Markets Association said on Tuesday.

Erhan Topac said the capital market sector should be improved in order to offer more options to both investors and firms which are in need of funding.

He added that channeling domestic savings into investments through the capital market should be encouraged.

"The use of the capital market in financing of real sector should be supported," Topac said.

Topac highlighted that the investment banking model should be supported and developed.

"A competitive and attractive financial system must be created," he added.

Topac said intermediary firms played a role in initial public offering of nine companies which created a fund of roughly 5.4 billion liras ($1.3 billion) in the first six months of this year.