Turkey’s benchmark stock index experiences decline at start of trading
Date
10/1/2024 8:30:40 AM
(MENAFN) Turkey’s benchmark stock index, the BIST 100, experienced a decline at the start of trading on Monday, falling by 0.3 percent, or 29.79 points, to reach 9,747.67 points. This drop comes on the heels of a challenging session on Friday, when the index closed down 0.62 percent, finishing at 9,829.19 points. The trading volume on that day was reported at 69 billion Turkish liras, equivalent to approximately USD2.03 billion.
As the market opened, currency exchange rates reflected a slight depreciation of the Turkish lira. As of 10 a.m. local time (0700 GMT), the exchange rate stood at 34.1830 for the U.S. dollar, 38.1800 for the euro, and 45.7950 for the British pound. These exchange rates indicate ongoing economic pressures that could be influencing investor sentiment.
In addition to stock performance and currency values, commodities also played a role in the market's dynamics. The price of gold per ounce was recorded at USD2,659.05, suggesting strong demand for safe-haven assets amid market volatility. Meanwhile, Brent crude oil was trading at around USD72.40 per barrel, a price that reflects the complexities of the global energy market and its impact on Turkey’s economy.
The downward trend of the BIST 100 index signifies the challenges currently facing the Turkish economy, as investors remain cautious in the face of fluctuating exchange rates and commodity prices. Market analysts will be watching closely to see how these factors continue to influence trading behavior and overall economic stability in Turkey in the coming days.
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