Turkey’s Borsa Istanbul opens at all-time record

Published 29.06.2017 11:05
Updated 29.06.2017 17:00
emIHA Photo/em
IHA Photo

The Borsa Istanbul (BIST) 100 index, which has maintained its upward trend for the last six months, hit a new record Thursday.

The BIST 100 index kicked off the day with a rise of 0.30 percent, at a starting point of 100,916.76 points.

The index saw a rise of 299.06 points, while the banking index rose by 0.32 percent and the holding company index rose by 0.30 percent.

The highest rising indexes were in the food sector with 0.59 percent, while the biggest loser was the insurance sector with a drop of 0.44 percent.

This rapid rise comes only a day after the BIST 100 had a negative start at 99,418.58 points. As Wednesday went on, the index soared by 0.98 percent to reach a closing record of 100,617.69 points, with a total trading volume of 4.3 billion Turkish liras (approximately $1.22 billion).

Analysts have said that statements from Federal Reserve Chair Janet Yellen have created a decreased appetite for risk, adding that the effect of this on markets has been limited.

Since the "yes" result in the April 16 referendum for constitutional reform, the BIST 100 has seen a series of record highs due to its appeal to foreign investors.

This situation has created record-level market value for companies whose shares are traded on the stock exchange, with the market value of the 10 most valuable companies increasing by TL 47.3 billion ($12.9 billion) compared to the beginning of the year to reach TL 285.8 billion ($78.5 billion) following the referendum.

The U.S. dollar/Turkish lira exchange rate decrease to 3.5040 at 9.30 a.m. local time (0630GMT) Thursday, compared to 3.52 at Wednesday's close.

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