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| Turkish shares open down after coup attempt | |
| (35 minutes later) | |
| Shares in Istanbul have opened down by 2.5% following Friday's attempted coup in Turkey. | Shares in Istanbul have opened down by 2.5% following Friday's attempted coup in Turkey. |
| The Turkish Lira, which initially fell by nearly 5%, has subsequently recovered much of its lost ground and has risen by 3% so far on Monday. | The Turkish Lira, which initially fell by nearly 5%, has subsequently recovered much of its lost ground and has risen by 3% so far on Monday. |
| Over the weekend the government moved to calm fears and said it had consulted the central bank and the treasury and decided on "all necessary measures". | Over the weekend the government moved to calm fears and said it had consulted the central bank and the treasury and decided on "all necessary measures". |
| The central bank said it would provide unlimited liquidity to banks. | The central bank said it would provide unlimited liquidity to banks. |
| The lira was trading at 2.9274 against the dollar in Istanbul on Monday, having ended the week at 3.0157 per dollar, about 2% higher than its record low last September. | The lira was trading at 2.9274 against the dollar in Istanbul on Monday, having ended the week at 3.0157 per dollar, about 2% higher than its record low last September. |
| Despite predictions that trading in Istanbul would be turbulent when it opened for the first time since the coup attempt, investors seem to have been reassured by weekend efforts by the authorities to calm the situation down. | Despite predictions that trading in Istanbul would be turbulent when it opened for the first time since the coup attempt, investors seem to have been reassured by weekend efforts by the authorities to calm the situation down. |
| By last Friday the Istanbul National 100 stock index had risen by almost 15% since the beginning of the year. | By last Friday the Istanbul National 100 stock index had risen by almost 15% since the beginning of the year. |
| Turkish government bond yields rose on Monday - an indication that the government is having to pay investors more to lend it money. | |
| However, there are fears events could damage Turkey's tourism industry, which is crucial to the economy. In May, visitor numbers were 35% lower than the same time last year. |