Turkey’s main stock index begins Tuesday with slight increase
Date
5/28/2024 5:23:13 AM
(MENAFN) The Turkish benchmark stock index, BIST 100, commenced Tuesday's trading session on a positive note, recording a modest rise as it opened at 10,678.75 points. This marked a 0.20 percent increase, equivalent to 21.79 points higher than the previous day's close. Despite this marginal uptick, market sentiment remained cautious, influenced by recent fluctuations and uncertainties in the global economic landscape.
In the preceding trading session, the BIST 100 index experienced a slight decline, closing at 10,656.96 points, representing a decrease of 0.18 percent. The daily transaction volume reached 90 billion Turkish liras (USD2.80 billion), indicating moderate activity in the market as investors navigated through market volatility and risk factors.
Early trading hours saw relatively stable currency exchange rates, with the USD/TRY rate recorded at 32.1775 and the EUR/TRY rate at 35.0150. Similarly, the GBP/TRY rate remained steady at 41.0922, signaling minimal fluctuations in foreign exchange markets amidst ongoing economic uncertainties and geopolitical tensions.
Commodity prices demonstrated resilience, with the price of gold standing firm at USD2,342.80 per ounce, reflecting investors' confidence in safe-haven assets amid market volatility. Additionally, the barrel price of Brent oil hovered around USD82.84, bolstering stability in the energy sector despite geopolitical tensions and supply concerns.
Overall, these stable commodity prices and currency exchange rates contributed to a sense of stability in the broader economic landscape, providing some relief amidst the prevailing market dynamics and uncertainties. Investors remained vigilant, closely monitoring developments to navigate through evolving market conditions effectively.
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