Oct 21, 2024 (MENAFN via COMTEX) --
(MENAFN) On Monday, Turkiye's benchmark stock index, the BIST 100, opened slightly higher, recording a marginal rise of 0.05 percent, which translated to an increase of 4.7 points and bringing the index to 8,798.31. This modest uptick comes after a challenging end to the previous week, during which the index experienced a notable decline, closing with a loss of 2.32 percent on Friday at 8,793.61 points. The trading volume on that day reached 74 billion Turkish liras, approximately USD2.16 billion, reflecting a dynamic trading environment.
As the market continued to react to economic conditions, the Turkish lira was trading at 34.2610 against the US dollar, 37.2185 against the euro, and 44.6340 against the British pound as of 10:15 am local time (07:15 GMT). These exchange rates indicate ongoing volatility in the currency market, influenced by a range of economic factors affecting Turkiye.
In the commodities market, gold was priced at USD2,731.40 per ounce, reflecting its status as a safe-haven asset amid uncertain economic conditions. Meanwhile, Brent crude oil was trading around USD73.30 per barrel, suggesting stability in oil prices despite geopolitical tensions that have been influencing global markets. These commodity prices are critical indicators for investors, as they can significantly impact inflation and economic growth prospects in Turkiye.
Overall, while the BIST 100 showed a slight recovery at the market opening, the previous week's losses and the broader economic context underscore the challenges facing Turkiye's financial markets, as investors remain cautious amid fluctuating currency values and commodity prices.
MENAFN21102024000045015839ID1108800735
COMTEX_458999998/2604/2024-10-21T19:26:30
