Borsa Istanbul nears record highs after years


Domestic markets kicked the opening sessions yesterday, maintaining an upward trend despite the declines seen in the global markets, prior to the data expected to be announced in Europe and the U.S. The Borsa Istanbul (BIST) 100 index, the benchmark index of Turkey's stock market, opened the day at 91,380 points with an increase of 335 points, while stocks had gained 0.37 percent on average, as of the opening. The BIST 100 index gained 1.47 percent on Monday and recorded its highest close since Jan. 27, 2015, reaching 91,045 points.The record high for the BIST 100 was recorded at 93,398 back in May 2013.Analysts said, while peaks of 91,800 and 93,400 could technically be possible respectively if the BIST 100 index breaks the 91.100 resistance tested on Monday, it is possible in the case of an increase in the impact of profit sales that 89.700 will be the support level.Dollar losing groundThe U.S. dollar/lira exchange rate remains above 3.70, traded at the 3.7060 level during the first trading session yesterday morning. The euro-lira exchange rate, on the other hand, depreciated by 0.15 percent to 3.9270, while the British pound was traded at 4.5377, with a 0.20 percent decrease. The U.S. dollar/lira parity, which rose as high as 3.7288 on Monday, closed the day at 3.7157 with a value gain of 0.35 percent. Analysts said, in regards to the dollar/lira exchange rate, 3.7360 has been considered as the resistance level, while 3.70 has remained the support level in technical terms.Markets' agendaMarkets were observing the European Central Bank's (ECB) interest rate decision, which will be announced tomorrow, as well as February data from non-farm payrolls to be released by the U.S. on Friday. Next week, the U.S. Federal Reserve (Fed) will announce its interest rate decision.Foreign investors continue purchases in BISTForeign investors recorded a net purchase of $154 million in February in Borsa Istanbul, compared to $816 million net purchase in January, totaling to $970 million in foreign investors' net purchases in the first two months.BIST 100 index rose by 1.37 percent in lira terms and 5.09 percent in dollar terms due to the purchases of foreign investors last month. Foreign investors, just like the previous month, mainly preferred bank share markets according to their purchase history in February.They preferred İş Bank's shares last month with a net purchase of $69.8 million, followed by Garanti Bank with $34 million, VakıfBank with $28.9 million, Akbank with $26.6 million and Emlak Konut GYO with $22.6 million.Meanwhile, the share markets with the largest number of sales by foreign investors in February were led by Arçelik with $18.9 million, followed by Turkish Airlines (THY) with $16.3 million, Petkim and BİM with $10 million each.