Garanti surge raises bourse over 80,000

ISTANBUL

A surge by Turkish Garanti Bank has carried the Istanbul Stock Exchange over 80,000 points as the “fiscal cliff” deal approved in the United States stimulated optimism in the market.

Banking shares led to a rise of the IMKB 100 Index, which has risen 62.46 percent in a year, capitalizing on the global euphoria over the fiscal cliff deal in addition to increasing foreign investments thanks to recent credit upgrades by Moody’s and Fitch.

Particularly Garanti, the shares of which are the most significant determinant on the index, was riding the boom as of Jan. 3 with a 4.5 percent rise in two days, bringing its one-year gain to 61 percent. Garanti’s market value has reached 40 billion Turkish Liras The İMKB closed on Jan. 4 at 79564 with a 0.6 pct fall from a day earlier.