Turkish main stock index opens Thursday’s session higher
Date
11/7/2024 8:18:41 AM
(MENAFN) Türkiye's BIST 100 benchmark stock index showed a slight gain at Thursday's opening, rising by 0.12 percent or 11 points to reach 8,873.32 points compared to the previous day's closing level. This minor increase follows a recent upward trend in the market, demonstrating continued investor interest in the Turkish stock market. Such movements reflect market confidence amid various economic factors, as investors remain cautiously optimistic about future performance.
The day before, on Wednesday, the BIST 100 index had seen a notable increase of 2.83 percent, climbing to 8,862.32 points with an impressive transaction volume amounting to 98 billion Turkish liras, equivalent to about USD2.86 billion. This substantial rise and trading activity suggest heightened participation and a bullish sentiment in Türkiye’s stock market, reflecting broader investor confidence and interest. The increase on Wednesday marked one of the significant daily movements in recent sessions, fueled by both local and foreign investors' engagement.
As of 10:15 a.m. local time (0715 GMT) on Thursday, exchange rates indicated that the Turkish lira stood at 34.2310 against the US dollar, 36.8550 against the euro, and 44.3100 against the British pound. These rates underscore the lira’s current positioning in the international currency market, with fluctuations that continue to influence import and export dynamics. Exchange rate stability is an ongoing concern for Türkiye, given the broader impact on inflation and economic planning within the country.
In addition to stock and currency market updates, the prices of key commodities were also notable. The price of one ounce of gold reached USD2,662, a figure that often serves as a barometer of economic uncertainty, as gold is traditionally considered a safe-haven asset. Meanwhile, Brent crude oil was trading at USD74.80 per barrel, reflecting recent movements in global oil markets. Both gold and oil prices remain crucial to Türkiye's economic landscape, given their impact on inflation, trade balance, and energy costs.
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