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Türkiye’s benchmark stock index, the BIST 100, surged more than 2% on Wednesday, surpassing 14,500 points for the first time at its intraday high, led by gains in banking and financial stocks.
Starting at 14,260.82 points with a 0.24% gain at the open, the index extended its record-breaking rally since the start of the year, rising 27.5% and ranking among the best-performing stock indices worldwide.
As of 12:58 p.m. GMT, the index reversed earlier gains and slipped 0.1% into negative territory at 14,265 points, while technology stocks continued to lead sectoral gains with a 3% increase, followed by financials at 0.4%. Industrials edged down 0.1%, and services declined 1.3%.
At the sub-sector level, leasing and factoring posted the strongest gains, rising 5.5%, followed by brokerage stocks at 1.8% and banking at 1.4%. The transport sector recorded the steepest decline, falling 4.2%, while insurance and construction stocks also fell more than 1%.
Among BIST 100 constituents, defense electronics firm Aselsan gained 4.2%, industrial conglomerate Kiler Holding rose 2.4%, and lender Garanti BBVA edged up 0.6%.
Meanwhile, the U.S. dollar/Turkish lira exchange rate stood at 43.75, up slightly by 0.1%, while two-year government bond yields rose to 35.75%.
Global markets showed signs of stabilization as easing geopolitical tensions and ongoing diplomatic contacts between the United States and Iran supported investor sentiment, with attention shifting to the Federal Reserve’s upcoming meeting minutes. Money markets continue to price in the Fed’s first interest rate cut in June, with expectations of a total of three rate reductions this year supporting buying interest in bond markets.
Foreign interest in Turkish equities continues to support the index’s strong performance, with central bank data showing net non-resident inflows reached $1.6 billion since the start of the year.
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