US Dollar surpasses 28 Turkish Liras, Stock Market ends day with strong sales: Have year-end targets changed?

Markets continue to exhibit volatile behavior amidst increasing geopolitical concerns. In the domestic market, the dollar has risen above 28 Turkish Liras, while the stock market, on the negative side, saw increased sales towards the close. Experts provided an assessment of the latest developments and possible scenarios in regards.

Israeli forces targeted a hospital in Gaza yesterday evening. The Gaza Health Ministry announced that at least 500 people lost their lives in the airstrike. The attack garnered significant international condemnation, and concerns that the Israel-Palestine conflict could spread to the region and adversely affect oil supplies have had an impact on market pricing.

In line with increasing geopolitical concerns, the USD/TRY exchange rate continues its modest daily increase since early September. While Turkish markets were closed, the exchange rate reached up to 28.32 Turkish Liras in international markets, renewing its peak. Today, the exchange rate continued to move above 28 Turkish Liras. According to this data, the Turkish Lira has lost 33.3% of its value against the US dollar since the beginning of the year. Since June, when public control over the exchange rate began to relax, the Turkish Lira has depreciated by 26.1%.

As of 17:30, the closing time of Turkish markets, the USD/TRY exchange rate traded at 28.01 Turkish Liras with a 0.29% increase. Meanwhile, the Euro, in a thin market, crossed the 30 Turkish Lira mark again and ended at 29.53 Turkish Liras with a 0.14% loss.

Sales accelerate in Borsa Istanbul

The Borsa Istanbul 100 Index started the day with a 1.85% decline at 7,964 points due to rising geopolitical tension. Throughout the day, it moved within a range of 7,836 to 8,015 points. In the afternoon, selling intensified, and by the end of the day, the index traded at 7,896 points with a 3.36% loss. All indexes were down, with the banking index closing at 8,111 points with a 3.90% decline.

From a technical perspective, the BIST 100 index has support at 7,950 and 7,820 levels, with 8,200 points serving as resistance.