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    Turkish lira up 2 pct, stocks rise 1.64 pct as investor mood lifts

    HotNewsTurkey with wires
    13.10.2008 - 10:22 | Son Güncelleme:

    The Turkish lira rose over 2 percent against the dollar on Monday and stocks increased 1.64 percent after opening high as governments around the world agreed to bank bailouts worth hundreds of billions of dollars, restoring some confidence. (UPDATED)

    Turkey's lira strengthened to 1.3990 against the dollar on Monday, firming more than 2 percent from Friday, as most Asian markets reacted positively to news of bank bailouts.

    The currency had fallen to a 19-month low on Friday and closed at 1.4330 as investors dumped assets worldwide.

    Turkish stocks also opened high at the beginning of morning trade rising nearly 6 percent, however they gave back some of their gains after early trading.  The benchmark Istanbul Stock Exchange market rose 1.64 percent on Monday.

    "This new united move of rich nations should bring some calm to the markets," said Tera stockbrokers in a research note, Reuters reported.

    Istanbul's main stock exchange index closed down 7.72 percent on Friday.

    The index lost around 17 percent of its value last week as investors fled from emerging markets into safe haven investments.

    Turkish stocks have now almost halved in value since the start of this year.

    The yield on the benchmark June 23, 2010 bond also declined close to its critical 20 percent level from Friday's 20.71 percent.

    Global stock markets also moved sharply higher on Monday as governments pumped billions of extra dollars into banks crippled by the credit crunch.

    The Dow Jones Industrial Average soared 4.53 percent in the first trades as Nasdaq jumped 4.88 percent and the Standard & Poors 500 index increased 3.86 percent.

    European stocks joined Asia's rally at the market open after Britain injected 37 billion pounds into leading banks and Australia and New Zealand guaranteed all bank deposits. France, Germany announced how they will buy stakes in ailing banks.

    In midday trade, Frankfurt's stock market was up a robust 6.15 percent and Paris rose 6.36 percent. London climbed 4.84 percent, Madrid rallied 6.85 percent and Zurich rocketed 7.63.

    The trading hours at Istanbul Stock Exchange (ISE) also changed on Monday.

    In the changes to trading hours at the ISE, early trading bids would be accepted between 9:30-9:45 a.m., and early trading transactions would take place between 9:45-9:50 a.m., while the morning session has been extended by 30 minutes, closing at 12:30 p.m. (0930 GMT).

     The ISE afternoon trading hours remain unchanged


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