Turkey’s benchmark stock index rose for the first day in four as markets in Europe erased losses amid moves for a solution to the eurozone debt crisis.
The ISE National 100 Index (XU100) rose 609.66, or 1.1 percent, to 56,933.04 at 12:20 p.m. in Istanbul, erasing an earlier loss of as much as 2 percent.
“Something is cooking in Europe and that is why this rally is so fierce,” Isik Okte, a trader at Finans Invest in Istanbul, said by instant message.
Germany’s benchmark index rose 2.6 percent, French equities gained 2.3 percent and London’s FTSE 100 added 1 percent. The euro pared earlier losses to 0.3 percent against the dollar.
Central bank and finance chiefs including U.S. Treasury Secretary Timothy F. Geithner urged European policy makers to intensify efforts to contain the European crisis, with Geithner warning that failure would risk “cascading default, bank runs and catastrophic risk.”
French banks have enough capital to withstand possible losses from risks in Greece, which has been the focus of European debt concerns, according to Journal Dimanche yesterday, which cited French central bank head Christian Noyer.
Moves on the Turkish stock market were led by Anadolu Efes Biracilik & Malt Sanayii AS, the Middle East’s biggest brewer and part owner of Coca-Cola Icecek AS (CCOLA), which said it was investing $450 million in expanding its operations in Pakistan, according to a report in Hurriyet today. Anadolu Efes gained 4.9 percent to 21.25 liras and Coca-Cola Icecek added 1.15 liras to 5.5 percent.
To contact the reporter on this story: Benjamin Harvey in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com