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Türkiye's benchmark stock index BIST 100 opened Tuesday up 1.96% at 12,951.57 points as oil prices slid back below $100 per barrel, easing concerns over additional inflationary pressures.
All main sector indices moved higher, led by the services index, which rose more than 2%. Among sub-sectoral indices, the banking index climbed 4.50%, while the chemicals, petroleum, and plastics index was the only sector to decline, falling 1.66%.
A day earlier, the BIST 100 had closed down 0.71% at 12,702.00 points after a session dominated by selling pressure.
The surge in the banking index was led by Halkbank, whose shares jumped 10% after the lender announced late Monday that it had reached a deferred prosecution agreement with the United States Department of Justice to resolve the Iran sanctions case.
The tourism and transportation indices were also among the biggest gainers, rising more than 3%. Shares of Turkish Airlines and Pegasus, two of the region’s leading carriers affected by the Iran conflict, rose about 3% after U.S. President Donald Trump suggested Monday that the war could be nearing an end.
Meanwhile, shares of Türkiye’s leading petrochemical producers, Tupras and Petkim, edged slightly lower by around 0.5%, trimming part of their recent gains driven by the earlier surge in oil prices.
The easing in oil prices helped global equities recover on Tuesday after days of pressure linked to rising energy costs. Brent crude fell by 8.3% to around $85.9 per barrel after Trump said Washington could temporarily waive certain sanctions affecting Russian oil exports to increase supply and bring down prices.
Trump's statements reiterating that the U.S. Navy would ensure the security of the Strait of Hormuz also helped calm markets.
Asian markets rebounded, with Japan’s Nikkei 225 up about 2.9% and South Korea’s Kospi jumping 5.4%, while Hong Kong’s Hang Seng and China’s Shanghai Composite also posted gains. European markets also opened higher, with the Stoxx Europe 600 rising 1.2%, Germany’s DAX 30 gaining 2.1%, the U.K.’s FTSE 100 up 1.3%, France’s CAC 40 advancing 1.9%, and Spain’s IBEX 35 climbing 2.5%.
Following Monday's close, when all three major indices ended higher, U.S. futures also edged up, with the S&P 500 rising 0.2%.
With the U.S. dollar stabilizing, precious metals and cryptocurrencies also edged higher.
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