Turkish markets down after Moody's downgrade

ANKARA (AA) - BIST 100 index fell at the Monday close in the wake of an unexpected Moody's downgrade of Turkey's debt.

Borsa Istanbul BIST 100 index was down 3.8 percent or 3,030.71 points to close the day at 76,725.73 points.

The banking sector index led the losses with 5.54 percent while insurance and sports sector shares were the only positive performers.

Boosted by positive news from both the U.S. Federal Reserve and Bank of Japan, the index closed last week just shy of 80,000 points, seen as a psychological barrier.

The lira recovered some ground before the closing bell after plummeting in the early hours of trade. The U.S. dollar versus lira rate was 2.98 at market close (1430GMT) compared to 2.9933 at the open, down 0.6 percent.