Türkiye’s stock exchange recovers after tariff loom
File photo shows the interior of Borsa İstanbul headquarters, Türkiye's stock exchange, with multiple digital screens displaying market data and branding in Istanbul, Türkiye. (AA Photo)
Türkiye’s benchmark stock index, the BIST 100, opened at 9,818.19 points on Tuesday, marking a 0.45% increase, or 43.79 points, from the previous close.
The banking index gained 0.60%, while the holding index rose by 0.38%. Among sector indices, financial leasing and factoring saw the highest increase at 0.85%, while the insurance sector recorded the largest decline at 0.53%.
On Monday, Borsa Istanbul’s BIST 100 index dropped 2.30%, closing at 9,774.40 points, with a transaction volume of 10.5 billion liras ($3.07 billion). The decline came as new tariffs imposed by U.S. President Donald Trump on major trading partners, including Canada, China, and Mexico, fueled concerns over potential trade wars, triggering panic in global markets. Worse-than-expected Turkish inflation figures, combined with the Trump tariffs, further pressured the market.
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The U.S. dollar/Turkish lira (USD/TRY) exchange rate was 36.0280 as of 9.50 am (0650GMT), the EUR/TRY rate stood at 37.1180, and the GBP/TRY rate was 44.6840.
The Turkish lira plummeted to a historic low on Monday, as the USD/TRY exchange rate surpassed the 36 mark.
The price of one ounce of gold was $2,812.90, and the barrel price of Brent oil was around $75.05.
