Türkiye’s benchmark inventory index climbed 0.59% on Friday to finish the yr’s final buying and selling day at a brand new all-time excessive of 5,509.16 factors.
Starting the day at 5,510.78, Borsa Istanbul’s BIST 100 index was up 32.24 factors from Thursday’s shut of 5,476.92.
It peaked in the course of the day at 5,562.98 factors, whereas its day by day low was 5,489.20.
While world inventory exchanges struggled this yr, the BIST 100 rocketed 196.57% on an annual foundation in 2022, as traders hedged in opposition to surging client costs and a weakening lira.
In distinction, Wall Street closed 2022 at its lowest level in 14 years and European inventory exchanges made the largest losses since 2018.
Having began the yr at 13.6800, the Turkish lira was at 18.7170 in opposition to the U.S. greenback by Friday’s shut.
The U.S. greenback/lira parity reached as little as 18.8229 on Dec. 27, whereas 1 euro was buying and selling for 20.0010 Turkish liras by the top of Friday, and the British pound/lira trade charge stood at 22.6430.
At Friday’s shut, the index’s buying and selling quantity was 113 billion Turkish liras ($6.03 billion).
The value of gold was down 0.14% to $1,823.40 per ounce, whereas Brent crude oil was at $84.51 per barrel for a 1.26% achieve at 6:30 p.m. native time (3:30 p.m. GMT).
Like different international locations, Türkiye grappled with report inflation this yr because the Ukraine conflict pushed up world vitality and meals costs.
After hitting a 24-year excessive of 85.51% in October, Türkiye’s annual inflation dipped to 84.39% in November.
The Turkish economic system grew 3.9% year-over-year within the third quarter of 2022, following development charges of seven.7% and seven.5%, respectively, within the second and first quarters.
Over the course of the yr, the Central Bank of the Republic of Türkiye (CBRT) slashed its benchmark coverage charge by a complete of 500 foundation factors, bringing it all the way down to 9% from 14%.
The financial institution has mentioned the present stage is “adequate” and it’ll finish the sequence of cuts.
