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Tuesday 20th March 2018

Rise in Turkey's Stock Market but Fears of Contraction Continue

Business

Selam Ramadan - 7Dnews Istanbul

Fri, 07 Dec 2018 12:15 GMT

Turkey's benchmark stock index went up 0.75 percent or 693.89 points to open at 93,521.18 points on December 7th. However, on December 6th Borsa Istanbul's BIST 100 index had dropped 1.22 percent to close the day at 92,827.29 points with a daily trading volume of 5.26 billion Turkish liras ($979.4 million), state-run news agency, AA, reported.

The US dollar/Turkish lira exchange rate stood at 5.3330 as of 9.30 a.m. local time (0630GMT), compared with December 6th’s closing rate of 5.3690. The euro/lira rate was 6.0690, versus 6.1130 at the last close. One British pound was worth 6.8270 Turkish liras, as the GBP/TRY was 6.7970 by market close on December 6th. The price of Brent oil was around $59.36 per barrel as of 9.50 a.m. local time (0650GMT) December 7th.

Fears of Turkey tipping into recession are increasing in the light of plunging domestic demand caused by an overheating economy, a political crisis and a devalued national currency. The Organisation for Economic Cooperation and Development (OECD) and ratings agency Moody’s are both predicting a contraction in the Turkish economy in 2019.

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