Istanbul Stock Exchange bullish in wake of Koc purchase of Tupras shares

Hürriyet Haber
14.09.2005 - 00:00 | Son Güncelleme: 14.09.2005 - 00:01

The Istanbul Stock Exchange experienced a push upward with excitement over the high price bid by Turkish company Koc Holding for shares in petrol giantTupras yesterday. With Koc Holding bidding more than 80% higher than Tupras' market value for 51% of the company's shares, the Istanbul Stock Exchange rose above 33,000 during the day to a peak of 33,774. By the end of the day the market did drop however, coming to rest at 32,541. By demonstrating their belief in Turkey, Koc Holding sparked an energetic market which analysts expect will continue in following days; many think that the stock market will fluctuate between 33,000 and 34,000 over the next week.
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