Turkish markets claw back some losses as protests rumble on

ISTANBUL-Reuters

The main Istanbul share index was up 3.87 percent at 79,965 points at 0716 GMT, having closed 10.47 percent lower yesterday. Hürriyet photo

Turkish assets clawed some of the previous day’s heavy losses today as investor concern about anti-government protests across the country appeared to ease.

Attention was focused on a morning meeting between President Abdullah Gül and Deputy Prime Minister Bülent Arınç, who was subsequently set to hold a news conference expected to focus on the unrest.

The main Istanbul share index was up 3.87 percent at 79,965 points at 0716 GMT, having closed 10.47 percent lower yesterday.

The lira strengthened to 1.8804 against the dollar from 1.8892 late on Monday, when it hit its weakest level since January 2012.

The two-year benchmark bond yield fell to 6.36 percent from 6.47 percent yesterday.

Protesters clashed with Turkish riot police overnight and a union federation began a two-day strike today as the demonstrations in which two people have died stretched into a fifth day.