Turkish markets shaking off post-coup attempt losses

ANKARA

In the first trading day of the second week after the July 15 failed coup, Turkish markets started to flash green as the Borsa Istanbul soared and the Turkish lira recovered some of the losses it saw last week against the U.S. dollar.

Borsa Istanbul's BIST-100 index was up 3.40 percent at the close of the daily session, with the benchmark index steeply rising 2,435.58 points to close at 74,174.01.

Over the last week, the index has tumbled from 82,825.36 to 71,738.43 at the close last Friday, down over 13 percent in just one week, one of the steepest declines seen in Borsa Istanbul’s history.

Another gauge of market sentiment as well as trust in Turkish economy, the USD/TRY rate, also declined significantly due to appreciation of the lira on Monday after skyrocketing from 2.8764 to 3.0579 over the last week.

The USD/TRY rate declined over 1 percent to 3.0380 from the close of last Friday.