April 1 (Reuters): Turkish stocks rose on Monday and the lira weakened slightly after hitting its record low against the dollar after the political opposition logged a thumping victory over President Tayyip Erdogan's AK Party (AKP) in local elections.
Analysts said the near 70 per cent inflation rate, slowing economic growth and an aggressive monetary tightening campaign that has jacked up borrowing costs hurt the AKP result on Sunday. Erdogan has stood by the tightening despite the high-stakes vote.
The benchmark stock index BIST 100 opened up more than 1 per cent with banking shares (.XBANK) up 1.7 per cent. At 0730 GMT, the indexes were up 0.63 per cent and 2.12 per cent respectively.
The lira briefly touched 33 versus the dollar in overnight trade in very thin liquidity, following the election results.
Turkey stocks climb, lira at low after opposition election win
FE Team | Published: April 01, 2024 23:43:18
Turkey stocks climb, lira at low after opposition election win
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