Türkiye's BIST 100 starts Monday’s session with gains
Date
8/27/2024 3:55:51 AM
(MENAFN) Türkiye's benchmark stock index, the BIST 100, saw a positive start to the week on Monday, opening at 9,739.80 points. This marked a rise of 0.74 percent, equivalent to an increase of 71.70 points from the previous trading session's close. The upward movement in the index reflected a rebound after the losses experienced at the end of last week, suggesting renewed investor confidence as the market opened.
On the previous Friday, the Borsa Istanbul's BIST 100 index had faced a significant decline, dropping by 2.55 percent to close at 9,668.10 points. This downturn was accompanied by a considerable transaction volume of 78 billion Turkish liras, which is approximately USD2.29 billion. The sharp decrease had raised concerns among investors, highlighting the market's volatility and the uncertainty surrounding global and domestic economic conditions.
In the early hours of Monday trading, as of 09:55 a.m. local time (0655 GMT), the exchange rates for the Turkish lira showed notable levels against major currencies. The US dollar was trading at 34.0197 Turkish liras, while the euro was valued at 38.0486 liras. The British pound, reflecting its strength, was exchanged at 44.9075 Turkish liras. These exchange rates underscored the ongoing challenges facing the Turkish currency amidst broader economic pressures.
Meanwhile, in the commodities market, the price of gold stood at USD2,550.75 per ounce, continuing its role as a safe-haven asset amid fluctuating market conditions. Additionally, the price of Brent crude oil was approximately USD78.89 per barrel, indicating relative stability in the energy markets despite ongoing geopolitical tensions and supply chain disruptions. These commodity prices remain critical indicators for both global markets and Türkiye's economic outlook.
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