Borsa Istanbul up ahead of Brexit vote

DAILY SABAH WITH AA
ISTANBUL
Published 24.06.2016 00:21

The Borsa Istanbul BIST 100 index was up 0.98 percent at the closing of the daily session yesterday with the benchmark index increasing slightly by 755 points to close at 78,022 after having declined 0.3 percent on Wednesday when the total trading volume was lower, at TL 2.7 billion ($941.5 million).

According to finance experts, the lower-volume week suggests investors are waiting for the U.K's referendum results as voters go to the polls to decide on the future of their country's EU membership yesterday.

The Turkish lira also gained some value back against the dollar, trading around 2.87 yesterday, reaching a seven-week high.

Meanwhile, Turkey's central bank signaled that it is nearing the finalization of a simplification process on Wednesday, stating: "This means that the market will most probably see two more cuts of 25 base points at the bank's July and August meetings depending on domestic and global conditions,"Şeker Investment said in a client note yesterday. Turkey's central bank on Tuesday cut its overnight lending rate 50 basis points following recent cuts in the last three months. The overnight lending rate was cut 50 basis points from 9.5 percent to 9 percent. Asian markets were hesitant on Thursday, as investors favor safe-haven assets such as gold and government bonds.

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