Published On: Wed, Nov 1st, 2017

Istanbul Stock Market, British pound and gold hit new peaks on November 11th 2017

The markets left a very active day behind on Wednesday, November 1st. Following the announcement made by Prime Minister YILDIRIM about rotating credit guarantee fund (KGF), bank shares rose rapidly on Istanbul Stock Exchange (BİST) 100 index reaching a new record of 113,000 points. On the contrary to the historical record in the stock market, the losses in value in TL attracted attention.

The fact that The Central Bank (CBRT) raised the inflation expectations in the last inflation report of the year, caused US dollar/Turkish Lira rate to go up to 3.83 while British Sterling Pound went up to 50984. After this valuation experienced in the dollar, a new record was witnessed in gold prices which rose to 157.5 Turkish Liras per gram.

Borsa Istanbul, which had been following a positive trend due to the recent growth expectations in the third quarter and the rise in banking, industrial and financial indices, experienced a sharp rise following the announcement about the Credit Guarantee Fund by Prime Minister yesterday.

Prime Minister YILDIRIM said they had decided to make the Credit Guarantee Fund rotary. Accordingly, KGF recycling credits will be made available for further use. Purchases in banking stocks peaked at BIS 100 with the expectation that these credits, which are low in risk, will positively impact the asset quality and profitability of the banks.

On the other hand, the rises in the shares of companies that are likely to contribute to the production of domestic automobiles have supported the summit refreshment of the index. Owing to these developments, BIST 100 saw 113.283.2 yesterday. The index finished the day at 113.024.2 points with an increase of 2882 points (2.62 percent) on the day. The rise in the banking index was 3.44 percent carrying the index to 178.209 points. The total transaction volume at the stock exchange was 10.5 billion TL.

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