Turkish shares hit record high on election results

Turkish shares hit a record high point after opening 3.84 percent up Monday on assurances of another five years of Justice and Development Party (AKP) government, following the party's stunning win in Sunday's snap elections.

Turkish shares hit record high on election results
Turkish shares hit a record high point after opening 3.84 percent up Monday on assurances of another five years of Justice and Development Party (AKP) government, following the party's stunning win in Sunday's snap elections.

The Istanbul Stock Exchange's IMKB-100 index gained 2,030.85 points Friday's close to open at 54,966.60, boosted by the prospect of continued economic stability, and hit an all-time high of 55,058.80 points shortly after trading began.

The market had entered the electoral period confidently, avoiding its usual pre-poll jitters on forecasts of "an AKP majority government that will pursue the economic policies of the past five years and maintain economic stability," according to economist Ahmet Insel from Istanbul's Galatasaray University last week.

Turkey achieved a growth rate of around 7 percent a year under the AKP, which curbed inflation and attracted record direct foreign investment.

Güncelleme Tarihi: 23 Temmuz 2007, 18:56
YORUM EKLE