Turkish Lira, stocks rally over Syria intervention doubts

ISTANBUL

The Turkish Lira and stock market opened the week with a strong performance on Sept. 9, due to lower expectations of a military intervention in Syria and eased concerns that the Fed would announce a tapering of its monthly bond purchases.

The main Turkish stock market index, the BIST 100, closed the first day of the week approaching 70,000 points, with a 3.65 percent gain, while the lira rose to 2.0315 against the dollar, from 2.05 at the beginning of the day.

Increasing doubts about the potential for U.S.-led military action against the Syrian regime and stronger-than-expected Turkish industrial output data eased investors’ concerns and prompted the stock market to gain value, as well as the lira.

Moreover, the dollar dropped against a basket of currencies, after disappointing U.S jobs data last week eased worries that the Federal Reserve would begin paring back its stimulus program this month.