Turkish Stock Market Hits 3-year Low

ISTANBUL - The Istanbul Stock Exchange (IMKB) composite index plummeted to 29,096.18 points on Wednesday, hitting a three-year low after August 2005.
The benchmark index made no progress and closed at 31,561.87 points on Tuesday after a week long religious holiday but plunged 2,119.55 points, or 6.72 percent, right at the beginning of the opening session early Wednesday.
However, stocks recovered in the first hour and reached 29,900 points level.
Economy analysts said markets were shaken with no signs of interest rate cut from the U.S. Federal Reserve. Economists said Turkish stock market would continue in this course in line with foreign markets amid global market turmoil.
IMKB benchmark index last closed below 30,000 point on August 25th, 2005.
(TÇ-AÖ)
(ECO)