Turkish stocks to record highs

Stock price at the Istanbul stock market rising to unprecedented levels on the morning of 9/13/2010. This is the reaction of the market before many Turkish people voted for the reform schemes of the government.

Financial markets crave certainty above all else and the decisive vote in favour of the constitutional amendments was greeted enthusiastically by investors in Turkey as evidence that Prime Minister Erdogan is on course to win a third term of office in the general election expected next year.
Mr Erdogan has been congratulated on the referendum result by President Obama and by the European Union which has long been pushing for improvements to the military drafted constitution.
However the Vice President of the Higher Council of Judges and Prosecutors, one of the top judicial bodies which will be restructured by the reforms, described the vote as a step backwards for the country.
The amendment, which ends immunity from prosecution for the generals who led the last coup in 1980, is already being tested by several groups of activists.
Within hours of the result, they filed lawsuits in four cities against the generals, most of whom are now very elderly.
Mr.Thanh
BBC News, Istanbul