Istanbul Stock Exchange closes the day with an increase of 3.64 percent

The BIST 100 index on the Borsa Istanbul gained 3.64% to finish the day at 8,000.46 points. The BIST 100 index increased by 280.64 points compared to the previous closing, with a total trading volume of 139.8 billion Turkish liras.

The banking index increased by 3.32%, and the holding index gained 3.40%. Among sector indices, insurance had the highest gain with 6.27%, while sports was the only sector to decline, losing 1.65%.

Meanwhile, the Central Bank’s Monetary Policy Committee (MPC) increased the policy interest rate, which is the one-week repo auction interest rate, by 500 basis points to 30%.

According to  reports analysts noted that global stock markets followed a negative trend as the U.S. Federal Reserve signaled the possibility of another interest rate hike later in the year, despite keeping its policy interest rate unchanged in line with expectations.

Analysts also mentioned that Fed Chairman Jerome Powell, in his statements following the decision, expressed their readiness to further increase interest rates if deemed appropriate, while keeping the policy rate in the range of 5.25-5.50%, the highest level in 22 years.