Turkish PM’s remarks hike the stock exchange up

ISTANBUL - Hürriyet Daily News

Turkey’s stock exchange Borsa Istanbul (BIST) rose by more than 3 percent upon the Turkish Prime Minister’s remarks indicating a softening of his political tone regarding the Gezi Park tension between the government and the protestors.

BIST 100 index closed down up toat 78,332 with a more than 3.2 percent rise after Prime Minister Recep Tayyip Erdoğan’s speech at a conference organized by the EU Ministry.

Erdoğan said that Artillery Barracks, which are planned to be built in Taksim Gezi Park, were not suitable for having a shopping mall inside. The protestors are objecting to the demolition of the public green space and the construction of a shopping mall on it.

In addition to the market’s perception of the PM’s speech as more moderate, the United States data which soothed the fears that the Fed would end its stimulus efforts soon made a positive impact on the stock exchange.

The United States added 175,000 jobs last month, Labor Department data showed today, reported by Reuters.

U.S. employers stepped up hiring in May, a sign the economy was growing modestly but not strong enough to convince the Federal Reserve to scale back the amount of cash it was pumping into the banking system.