Borsa Istanbul hits record high levels after four years

ISTANBUL

The Borsa Istanbul (BIST) 100 index, the benchmark index of Turkey’s main stock exchange, hit a new record high on April 24 by surpassing its previous record at 93,398 points, which was set back four years ago. 

Due to a general surge in foreign markets following the French presidential elections and a slowdown in the U.S. dollar/Turkish Lira index, the BIST 100 index rose up to 93,408.39 with a 1.1 percent increase compared to the previous closing day, before easing to 93,384.60 points on April 24 afternoon. 

The euro surged on April 24 after the first round of France’s presidential election turned out bang in line with opinion polls, easing currency market concerns about another systemic political shock from next month’s second round.

The dollar/lira also regressed to one-month lows. 

The BIST 100 index previously hit record high levels in May 22, 2013, when then-Federal Reserve Chair Ben Bernanke told Congress the Fed may cut the pace of bond purchases at the next few meetings if policy makers see indications of sustained economic growth.