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Stock Market / Finance in Turkey

  • Turkish stocks up at close as lira hits 8-month high

    TURKEY, 2017/08/26 Turkey's benchmark stock index went up 601.23 points to close the week at 109,755.14 points while the Turkish lira hit an eight-month high against the U.S. dollar on Friday, Anadolu reported. The Turkish lira strengthened against the dollar and Turkish stocks rose by 0.55 % next Fed Chair Janet Yellen’s speech at Jackson Hole offered no hints on U.S. monetary policy or the outlook for interest rates.

  • Turkey Current account in November records largest deficit in four months

    TURKEY, 2016/01/15 The current account balance recorded a USD 2.1 billion deficit in November (October: USD 0.1 billion deficit). The print was better than the USD 5.8 billion shortfall recorded in the same month last year; however, it was below the flat reading that market analysts had expected. Moreover, November’s figure marked the major deficit in four months. As a result, the 12-month trailing current account deficit narrowed from USD 38.4 billion in October to USD 34.7 billion in November (roughly equivalent to 5.0% of GDP).

  • Turkish annualized inflation hits highest in 4 years at 8.81 pct

    TURKEY, 2016/01/05 Turkey's consumer prices rose 8.81 % year-on-year, the highest since December 2011, exceeding a central bank estimate of 7.9 %, according to data from the Turkish Statistics Institute (TurkStat) released on Monday. The 8.8 % annualized inflation in December was the highest increase in year-end consumer prices since December 2011, at the same time as it hit 10.45 %. Markets had expected the annualized inflation to be around 8.5 % in December. The surge in inflation was led by food and ready-to-wear price hikes. Turkey's food and non-alcoholic beverage prices increased 10.87 % in December compared to a year ago, while prices of clothing and footwear grew by 8.99 % in the same period, according to Monday's data. Consumer prices rose 0.21 % month-on-month in December, while domestic producer prices fell 0.33 % on the month, for an annual rise of 5.71 %, the TurkStat data showed.

  • A money changer counts lira bills at a currency exchange office in İstanbul

    EUROPEAN UNION, 2014/12/17 The lira weakened to a record low of 2.4140 against the dollar on Tuesday next a fall in the price of the ruble in Russia, a fellow emerging market, and concerns about mounting political risk amid a row with the European Union over a government crackdown on the free press. The lira's tumble comes amid concerns about wider emerging-market weakness at the same time as the US Federal Reserve (Fed) begins lifting interest rates, as expected in 2015, inclunding worries about political stability following the detention of several opposition journalists over the weekend. Major index Borsa İstanbul (BIST) was one of the biggest losers part emerging market stock peers on Tuesday. The BIST traded 4.33 % lower at 79,291 points through the end of Tuesday's session.

  • NASDAQ and Borsa Istanbul sign landmark deal

    UNITED STATES, 2014/01/05 U.S. stock exchange NASDAQ and Borsa Istanbul have concluded a wide-ranging agreement on Tuesday, which includes the delivery of market-leading technologies and advisory services to Borsa Istanbul, and NASDAQ OMX Group taking an equity stake in the Turkey's major stock exhange. As part of the agreement, as daily Hurriyet reports, NASDAQ OMX will take a five % equity stake in Borsa Istanbul, with an option to increase this by an additional two %. The U.S. stock exchange giant will as well receive a series of cash payments.

  • The Turkish lira plunged Thursday

    TURKEY, 2014/01/05 The Turkish lira plunged Thursday to a new low against the dollar and shares as well dropped, pressured by a corruption scandal roiling the government, as daily Hurriyet reports. The lira fell below 2.18 to the dollar while the major Istanbul stock exchange index lost 1.91 % to 66,503.69 points. By instantly under pressure this year over expectations that the Fed will begin to stem a flood of dollars that have boosted world emerging markets, the lira and stock markets have been beaten down further by political tensions in the country.

  • Turkish lira banknotes. The lira has fallen

    TURKEY, 2013/08/28 The Turkish lira fell to a record low level early on Tuesday on signals of a tightening of U.S. monetary policy which have hit emerging market currencies hard. The lira plunged to 2.0095 to the dollar in initial trading, rallying later to 2.0028 from 1.9920 from presently on on Monday at the same time as the central bank sold $350 million in defense of the lira.

  • Turkish interest rates come under pressure

    TURKEY, 2012/12/12 One-year interest-rate swaps, which indicate investor forecasts for borrowing costs, dropped five basis points to 6.22 % after reports showed factory production fell 5.7 % and GDP grew at the slowest pace in three years. Two-year lira-note yields slipped one basis point to 5.75 %, while the equivalent Brazilian rate rose five basis points, extending the discount to 188 basis points, near a 13-month low reached on December 3. A stalling economy is giving the central bank governor Erdem Basci ammunition to lower the largest rate for the first time since August last year even as he reduced the top end of his rates corridor to ease bank funding.
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