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Turkish markets firm on allocation of new cabinet portfolios
September 1, 2014 / 3:12 PM / 3 years ago

Turkish markets firm on allocation of new cabinet portfolios

ISTANBUL, Sept 1 (Reuters) - Turkish assets rose on Monday, supported by confirmation that Deputy Prime Minister Ali Babacan would continue to oversee economic management in the new cabinet.

The news eased concerns felt in the market on Friday when Numan Kurtulmus, head of economic affairs in the ruling AK party, was announced as another deputy prime minister, prompting uncertainty over whether Babacan would continue to lead the management of the economy.

Istanbul’s main share index closed up 0.64 percent to 80,424.72 points on Monday, outpacing the 0.42 percent rise in the broader emerging markets index.

The benchmark 10-year government bond yield fell slightly to 9.12 percent from 9.13 percent on Friday.

The lira slipped to 2.1588 against the dollar by 1441 GMT from 2.1596 late on Friday. (Reporting by Dasha Afanasieva; Editing by Robin Pomeroy)

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