Turkish stock index hits an all-time high
Istanbul’s key stock index rises to a record level as the Turkish lira continues its upward trajectory against the US currency.
Since the beginning of this year, Istanbuls key stock index has gained by over 40 percent.
Turkey's benchmark stock index hit an all-time high on Monday as investor confidence was boosted by the lira’s appreciating value against the US dollar.
Istanbul’s main stock index hit 110,409.43 point-level during the afternoon session on Monday.
Borsa Istanbul's BIST 100 index closed last week at 109,755.14 points and it started Monday trading at 110,175.25 points with a 0.38 percent rise.
The key index is showing an upward trend in recent months and posted its last highest close at 109,781.13 points on August 7.
Since the beginning of the year, the index has gained more than 40 percent.
According to analysts, the record-breaking performance of Turkey's benchmark stock index was supported by the fall of the USD/TRY exchange rate and occurred while the European stock exchange markets were also in a downward trend.
In the meantime, the Turkish lira continued to gain ground against the US dollar, after falling to a historic low in the beginning of 2017.
The US dollar/Turkish lira exchange rate saw its historic high in mid-January this year, climbing to around 3.94 Turkish liras.
One dollar was traded for 3.4442 at 3 pm local time (1200GMT) on Monday, compared with 3.4590 at Friday’s close.
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