ECONOMY

Turkish shares gain after dive over US-Turkey tension

TURKISH SHARES GAIN AFTER DIVE OVER US-TURKEY TENSION

Turkey's shares made a sizeable recovery and the lira gained against the dollar after Monday's tumble sparked by visa tensions with the U.S.

The country's benchmark stock index rose 2.07 percent -- 2,095,99 points -- to 103,394 points at Tuesday's close.

After losing 2.5 percent against the greenback, the Turkish lira also gained against the dollar, trading at around 3.6790 liras by 7 p.m. local time (1700GMT), compared with 3.7234 at Monday's close.

Late Tuesday, the International Monetary Fund (IMF) upgraded its 2017 growth forecast for Turkey 2.6 percentage points, helping Turkish shares recover from the previous day's loss.

On the first trading day of the week, Monday, Turkey's benchmark stock index suffered a steep fall -- 2,839.48 points -- to close at 101,298 points with a 6.1 billion Turkish lira ($1.64 billion) trade volume amid visa tensions.

On Sunday, the U.S. Embassy in Turkey suspended its non-immigrant visa service, and Turkey retaliated by suspending non-immigrant visa services at all Turkish diplomatic facilities in the U.S.

On Tuesday, the banking and holding sectors indexes gained 2.45 percent and 2.56 percent, respectively. Shares of cement maker Afyon Cimento (AFYON) were the top gainer of the day, rising 19.89 percent.

The BIST 100 stocks with highest trade volume were national flag carrier Turkish Airlines (THYAO), Afyon Cimento (AFYON), private lenders Garanti (GARAN) and ICBC Turkey Bank (ICBCT), and energy giant Tupras (TUPRS).

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