Turkish stocks rise sharply post S&P's 'stable' outlook

ANKARA (AA) - The Borsa Istanbul was up 1.91 percent at the close of the daily session on Monday.

The BIST 100 index rose 1,414.79 points to close at 75,681.96. The total trading volume of the country's stock exchange market was 3.8 billion Turkish liras (approximately $1.19 billion).

The rise in the index comes after the international credit rating agency S&P upgraded Turkey’s outlook to “stable” from “negative” late Friday.

On the first trading day of the week, the banking sector index was up 1.90 percent, while the holding sector index advanced 1.41 percent.

Among sector indices, the mining sector index increased the most by 3.89 percent, while the only decline was seen in the investment trusts index which went down 0.02 percent.

The most heavily-traded stocks were the private lender Garanti Bank, cement producer Afyon Cimento, national flag carrier Turkish Airlines, state lender Halkbank, and another private lender Akbank.

Shares of the cement producer, Afyon Cimento, were the top percent gainer with an increase of 19.94 percent in value, while the country's biggest petrochemical producer company, Petkim, was the top percent loser as its shares went down 1.78 percent.

The Borsa Istanbul Gold Exchange index fell 1.33 percent in value, with gold trading at 130,700 Turkish liras (some $41,220) per kilogram.

The Turkish lira lost value against the U.S. dollar to trade at 3.1720 compared to Friday's closing rate of 3.1620.

According to analysts, investors will domestically follow the industrial production figures, while externally they are expected to follow the U.S. presidential elections.