Turkish markets soar on weak US employment data

ANKARA (AA) – Borsa Istanbul soared 1.36 percent at the close of trading hours on Friday while the U.S. dollar retreated against the Turkish lira.

This came after weak U.S. August non-farm payroll data eased tensions of a Fed rate hike on global markets.

BIST 100, the sole stock exchange of Turkish market, closed the day at 76,884.32 points, soaring 1.36 percent or 1,031.52 points.

The U.S. data was seen as a strong indicator of a rate hike from Federal Reserve as soon as September, which might limit capital flows to emerging economies such as Turkey.

However, the reading was not sufficient to encourage Fed officials to pull the trigger on a rate hike as it stayed at 151,000 -- much below the median of market forecasts.

The Turkish lira also advanced on a weaker U.S. dollar, hovering 2.9554 at closing time on Borsa Istanbul, down 0.25 percent.