Turkey's Borsa Istanbul rebounds after recent slump

By Tuba Sahin

ANKARA

The BIST 100 index gained 934.34 points to open at 75,201.51 on Monday.

The country's benchmark index rose 1.26 percent on Monday after declining sharply 3.15 percent on Friday as international rating agency S&P upgraded Turkey’s outlook to “stable” from “negative”.

S&P’s move came after market close on Friday, on the government’s gradual implementation of economic reforms. The Turkish lira gained value after the upgrade.

The banking and holding sector indices advanced by 1.92 and 0.75 percent respectively.

In the first transaction day of the week, all the sector indices gained value while wood, paper and printing sector increased the most.

There are no major local data announcements due on Monday.

In a client note, Istanbul-based Seker Investment said: "Political developments are likely to continue to influence the performance of the domestic equity markets, and we expect the BIST to open amid reactionary buying on Monday."

The U.S. dollar/Turkish lira exchange rate, which was at 3.1610 by the time markets closed Friday, stood at 3.1450 early Monday.