Turkey’s Borsa Istanbul sets new record, hitting above 100,000 points

ISTANBUL

REUTERS photo

Turkey’s benchmark index opened the day on June 13 with a new record, rising to a key threshold at 100,000 points, amid a strong inflow into emerging markets.

Borsa Istanbul’s BIST 100 index has not risen past 100,000 points before.

The index regressed to 99,135 points later in the day.

Turkey’s recovering economic indicators have also backed the rising trend in the BIST 100 index, according to analysts.

“We have been affected by a strong money flock into emerging markets. A number of key domestic data [sets] has also supported the trend. Turkey’s first-quarter GDP data showed that domestic demand has revived. This trend will likely continue in the second quarter,” Yatırım Finansman Research Director Akif Daşıran said, as quoted by Reuters.

The gross domestic product increased by 5 percent in the first quarter of 2017, compared with the same quarter last year, and reached 641.58 billion Turkish Liras ($173.78 billion) at current prices, the Turkish Statistical Institute said in a report on June 12.

This has further supported the rising trend in Borsa Istanbul’s main index in the last six months.

The BIST 100 index started 2017 at around 78,000. It has gained nearly 28 percent of its value on the basis of both the dollar and the lira since then, with an average increase in emerging stocks of around 17 percent.