The BIST 100 index, which maintained its upward trend starting in December 2016 throughout the year, led the upward rally for the sixth month on a monthly basis, suggesting a stronger emphasis on the possibility for the index reaching 100,000 levels.

The BIST 100 index, which maintained its upward trend since last November, despite a "short in May and go away" perception saw an all-time high of 98,794.90 points, completed May at 97,541.58 points with an increase of 3.05 percent compared to the previous month.

The BIST 100 index, which carried the month-to-month rally for the 6th month in row with a hike in May, has achieved a six-month rise series for the first time since 2013. The index climbed 31.8 percent in this period, enabling 100,000 levels to be foreseen.

Baki Atılal, head of the Research Division of the Turkish Yatırım, said that the fact that disturbances created by extremists in the elections did not reflect on the election outcome on the European side and that German Chancellor Angela Merkel's announcement that European Central Bank (ECB) policies are responsible for the low euro/dollar exchange rate and insisted on policy change for exchange rate hike have caused the upsurge of both the euro/dollar exchange rate and the EU stock exchanges.

Atılal said that the strengthening of the European export market is a very positive development for companies in Turkey, noting that the euro/dollar is moving towards 1.12 level, while the dollar/TL exchange rate is declining to 3.53.

Gedik Yatırım Research Manager Üzeyir Doğan also said that Borsa Istanbul managed to maintain its upward trend starting in December through the end of May.

Doğan said that the BIST 100 index, which gained 31.8 percent in this period, diverged positively from its precedent, and that the dollar-based return of the index stood at 28.4 percent in this period.

Pointing out that even though the BIST 100 index has recently performed better than the average of developing countries and the index of developed countries, the discount rate is still higher than the historical average of these countries, Doğan said, "Based on the MSCI Emerging Markets Index, it is still possible to talk about a 25 percent discount on the Borsa Istanbul on a multiplier basis despite the recent upsurge. Although the BIST 100 index has approached its historical averages on a multiplier basis, it should be kept in mind that the ongoing abundant liquidity conditions worldwide carry the stock market multipliers upwards."