Turkish stock market hits record high
Turkey is experiencing major economic problems, but the Istanbul stock exchange continues to rise.
Turkey’s stock exchange reached an all-time high today.
Borsa Istanbul’s BIST 100 index rose to 2,533 points at around 2:50 p.m. Istanbul time, according to Yahoo! Finance. It was the highest level since data first became available in 1988, per data from Investing.com. The index later fell slightly to close at 2,519.24 points.
The BIST 100 is a stock index of the largest 100 companies traded on the Borsa Istanbul. It is considered a benchmark for the Turkish stock market.
Why it matters: Borsa Istanbul has been steadily rising since September 2021, according to Investing.com. The recent increase was in part due to the shares of Turkish Airlines, the financial services company Garanti BBVA and the defense firm Aselsan rising, Anadolu Agency reported yesterday. Turkish daily Hurriyet reported last month that the iron and steel producers Eregli and Kardemir helped drive the index’s growth, in addition to the engineering firm Enka.
