Türkiye’s Benchmark Stock Index Rises in Early Tuesday Tradi…

(MENAFN) Türkiye’s benchmark stock index, the Borsa Istanbul BIST 100, opened on Tuesday at 5,110.78 points, up by 0.36 percent or 18.47 points from the previous close. This follows Monday’s close, where the index rallied and closed at 5,092.31 points, up 3.4 percent with a daily trading volume of 55 billion Turkish liras (USD2.86 billion).

As of 09.57 a.m. local time (0657GMT), the exchange rate between the US dollar and Turkish lira was 19.2760, with the euro/lira exchange rate standing at 20.9770, and a British pound trading for 23.9320 Turkish liras. This indicates a relatively stable foreign exchange market, which is crucial for foreign trade and investment.

The price of Brent crude oil was selling for around USD84.73 per barrel, which is a significant increase from the lows seen during the COVID-19 pandemic. This is a positive sign for Türkiye, which is a net importer of energy, as it reduces the country’s import bill and helps improve its current account balance.

The price of an ounce of gold was USD2,014.25, indicating a relatively stable precious metals market. Gold is often seen as a safe-haven asset during times of economic uncertainty or market volatility.

Overall, the early trading figures suggest that the Turkish economy is performing relatively well, with the BIST 100 index showing signs of growth and stability. The foreign exchange, energy, and precious metals markets also appear to be relatively stable, which is a positive sign for the country’s economic outlook. However, it is important to note that the global economic environment remains uncertain, and policymakers must remain vigilant to maintain stability and foster sustained growth.

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