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    Turkish stocks jump 5.44 pct after central banks' measures on Tues

    HotNewsTurkey with wires
    14.10.2008 - 10:52 | Son Güncelleme:

    Turkish stocks rose more than 5 percent on Tuesday, and the lira gained nearly 3 percent against the dollar as investors’ cheered government and central banks' measures agreed to end the global financial crisis. (UPDATED)

    The benchmark Istanbul Stock Exchange index closed 5.44 percent up after opening nearly 7 percent high for a second day at the start of trade.

     

    Turkey's lira traded nearly 3 percent firmer against the dollar.

     

    Turkey's benchmark bond also firmed on improved global investor sentiment, however the yield stayed over the critical 20 percent level after slipping to 19.92 percent in the day.

     

    "There are a few reasons for the rise today. European countries along with the United States have all taken steps to rescue (their financial sectors)," Tuncay Tursucu, head of research at Meksa Yatirim in Istanbul, told Reuters. 

     

    "The market has taken some steps in regaining its confidence and all of this has been interpreted very positively," he said, adding that he expected the index to stay between 28,000 and 32,000 points.

     

    Turkish stocks have lost nearly half of their value since the beginning of the year and fell to three-year lows last week amid a global asset sell-off. 

     

    The benchmark Istanbul Stock Exchange (ISE) index lost around 17 percent of its value last week.

     

    LEAP  IN GLOBAL STOCKS
    U.S. stocks gained more than 2 percent on Tuesday after the U.S. Treasury Department said it would pump $250 billion into major banks, easing fears about stability in the U.S. financial system.

     

    The Dow Jones industrial average climbed 3.78 percent, the Standard & Poor's 500 Index was up 3.29 percent, and the Nasdaq Composite Index gained 2.74 percent.

     

    U.S. stocks had soared more than 11 percent on Monday, driving the Dow into its biggest rally in 75 years, as Washington said it would buy stakes in an array of financial firms.

     

    European shares followed Asia higher, rising nearly 5 percent. Japan's Nikkei, which was not traded on Monday because of a holiday, gained more than 14 percent. MSCI's main world stock index was up more than 3.4 percent, gaining more than 12 percent for the week to date after plunging 20 percent last week.

     

     

     

     

     

     

     

     

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