Turkish Banks Jump After Moody’s Lifts Sector Outlook to Stable
- Moody’s raises banking sector outlook to stable from negative
- Upgrade sends Turkish banking stock index to record high
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Moody’s Investors Service raised the Turkish banking system’s outlook to stable from negative, boosting the nation’s lenders to all-time highs.
The Borsa Istanbul Banking Sector Index, a gauge that tracks shares of Turkey’s listed lenders, reversed losses and rose as much as 4.1% to the highest level ever on a closing basis. It was trading 0.8% higher as of 4:42 p.m. in Istanbul.