Oct 15, 2024 (MENAFN via COMTEX) --
(MENAFN) Turkiye's benchmark stock index, the BIST 100, saw a slight recovery on Tuesday, opening at 8,709.81 points. This marked a 0.12 percent increase or 10.62 points higher compared to the previous day's close. The minor uptick came after Monday's significant drop of 1.99 percent, which brought the index down to 8,699.19 points. The fall on Monday occurred amid market volatility, with a high daily transaction volume reaching 67 billion Turkish liras (around USD1.97 billion).
By mid-morning on Tuesday, at 11:10 AM local time (0810 GMT), exchange rates reflected the ongoing challenges facing Turkiye's currency. The Turkish lira was trading at 34.2660 against the US dollar, 37.3950 against the euro, and 44.8025 against the British pound. These rates suggest continued depreciation of the lira, which has been a persistent issue due to inflationary pressures and monetary policies, impacting both domestic and international trade.
In the commodities market, gold prices remained high, with an ounce trading at USD2,653.40. This surge in gold prices is indicative of investor caution, as gold typically serves as a safe-haven asset during times of economic uncertainty or currency instability. The elevated gold prices reflect both global economic concerns and specific regional factors affecting Turkiye, including its currency fluctuations and inflationary trends.
Meanwhile, Brent crude oil was trading at USD74.05 per barrel, reflecting broader trends in the global energy market. Oil prices have been influenced by various factors, including geopolitical tensions, supply chain disruptions, and shifts in demand. The fluctuation in oil prices is particularly significant for Turkiye, a country that relies heavily on energy imports, as it affects both inflation and trade balances. As global markets remain volatile, these key indicators--stocks, currency exchange rates, gold, and oil--will continue to be closely watched.
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COMTEX_458843190/2604/2024-10-15T23:06:21
