ANKARA — Borsa Istanbul (BIST), Turkey's sole stock exchange market, reached its highest level of the year Monday with hopes of a more positive outlook since the European Central Bank's recently announced interest rate cut on emerging economies.

The BIST index started the day at 80,860 points with a 0.57 percent increase, and reached 81,044 points, surpassing the 81.000 points level last seen on June 4, 2013.

The European Central Bank (ECB) has lowered its benchmark interest rate to 0.15 percent from 0.25 percent and reduced its deposit rate below zero, to -0.1 percent, in an effort to boost economic activity in the Eurozone.