Turkish stocks end day with rally

Turkish stocks end day with rally

BIST 100 index rises over 3 percent at close as Turkish lira gains ground against foreign exchanges

By Muhammed Ali Gurtas

ANKARA (AA) - Turkey's benchmark stock index surged by 3.08 percent to close at 112,099.01 points on Wednesday with around 10.5 billion Turkish lira ($2.6 billion) trade volume.

Borsa Istanbul's BIST 100 index ended the day with a 3,354.22-point hike from Tuesday's close of 108,744.79 points, while it opened the midweek trading day at 108,618.32 points with a 0.12 percent down.

The BIST 100's rally came after Turkey's President Recep Tayyip Erdogan's announced a plan to hold early presidential and parliamentary elections on June 24, instead of November 2019.

The USD/TRY exchange fell to 4.0500 as of 5 p.m. local time (1400GMT) Wednesday, compared with 4.0970 at Tuesday's close.

The euro/lira exchange rate also was down to 5.0190 by market close -- declining from 5.0610 at the previous close -- and one British pound traded for 5.7830 Turkish liras while the GBP/TRY rate was 5.8780 at the previous close.

The BIST Gold Exchange index recorded a 0.92 percent hike at the daily close. In the Precious Metals and Diamond Markets of Borsa Istanbul, one ounce of gold traded for $1,352.30 as of 4.30 p.m. local time (1330GMT) Wednesday, versus $1,340.00 at Tuesday's close.

As of 6 p.m. local time (1500GMT), the price of Brent oil stood at $72.98 per barrel -- hovering between $71.67 and $73.39 during Wednesday -- climbing from around $66 at the beginning of this year.

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