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Türkiye’s benchmark stock index, the BIST 100, continued its record-breaking rally on Monday, opening 0.52% higher at 11,467.97 points.
The index had closed the previous session at 11,372.33 points, setting a record with a daily trading volume of ₺146 billion ($3.57 billion).
By mid-morning, the index climbed further to a new all-time high of 11,517.43 points, reflecting a gain of more than 1% before easing back to 11,477.41 at 11:20 a.m. local time (GMT+3).
Monday's gains extended the weekly rise beyond 5%, making the BIST 100 the most profitable financial instrument in Türkiye over the period.
At the market opening, the banking index advanced 1.17% while the holding index gained 0.65%. All sector indices posted increases, with chemicals, petroleum, and plastics leading the pack with a 1.33% rise.
The rally in Istanbul followed gains across Asian markets earlier in the day, supported by expectations of a possible interest rate cut by the U.S. Federal Reserve. Japan’s benchmark index closed 0.4% higher, while the Shanghai Composite added 1.5% and Hong Kong’s Hang Seng rose 2.2%.
The optimism was driven by comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which strengthened market expectations of a monetary easing move. However, the upbeat sentiment did not carry over to Europe, where Germany’s DAX slipped 0.5%, France’s CAC 40 dropped 0.7%, and the U.K.’s FTSE traded flat.
Global oil prices also moved slightly higher at the start of the week amid supply concerns linked to intensified Ukrainian strikes against Russia.
As of 11:20 a.m. local time, Brent crude was trading at $67.95 per barrel, up 0.2%, while U.S. benchmark West Texas Intermediate (WTI) rose 0.4% to $63.92.
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