Turkish stock market closes Wednesday with new record

BIST 100 jumps 44.4 points from previous close

Turkiye’s benchmark stock index Borsa Istanbul jumped 1.59% on Wednesday to close at a new all-time high of 2,829.58 points.

Starting the day at 2,778.92 points, the BIST 100 index gained 44.42 points from the previous close of 2,785.16 points.

During the midweek trading, the BIST 100 hovered between 2,664.83 and 2,684.46 points, as 81 stocks rose, 18 fell and one was flat compared to the previous close.

Finishing the day with a market value of around 2.3 trillion Turkish liras ($125.6 billion), the benchmark index posted a daily trading volume of 48.7 billion Turkish liras ($2.7 billion).

According to data from Borsa Istanbul’s Precious Metals and Diamond Markets, an ounce of gold traded for $1,802.30 by market close, over a five week high as a softer-than-expected US inflation reading eased concerns that the Federal Reserve will continue to raise interest rates.

Annual consumer inflation in the US decreased to 8.5% in July, easing from an over 40-year high of 9.1% in June, according to the Department of Labor figures released on Wednesday.

The price of Brent crude fell below $95 per barrel on Wednesday,down 1.6% on a daily basis owing to more than expected rise in US crude stocks.