ECONOMY

Turkish markets make positive start in 2018

TURKISH MARKETS MAKE POSITIVE START IN 2018

After breaking records in 2017 and closing the year at an all-time high, Turkey's stock market Borsa Istanbul (BIST) hit another record by reaching above 116,000 points.

On the first day of the new year, the Turkish lira spiked against the U.S. dollar and traded at 3.75 in the afternoon.

Borsa Istanbul's benchmark index BIST 100 started Tuesday with a 0.35 percent rise to reach 115,734. Around noon, BIST rose to 116,544 points. On the last trading day of 2017, the index closed at 115,333.

The U.S. dollar-Turkish lira exchange rate started the last trading day of 2017 with a rise. Trading at 3.76 before closing at 3.79 with a 0.4 percent increase, compared to the closing rate of the previous day. On the first day of 2018, the Turkish lira spiked against the greenback and traded at 3.76 around noon. The euro-Turkish lira exchange rate also followed a flat course of around 4.54.

In the global markets, the dollar's index against a basket of six major currencies slipped to 91.75, its weakest level since September. The euro traded close to its highest level in three years against a broadly weaker dollar Tuesday, the first trading day of 2018, on optimism over a brightening economic picture in the eurozone.

A major hurdle for the U.S. currency will be Wednesday's release of minutes from the Federal Reserve's December meeting when it raised interest rates. Two policymakers voted against the move amid doubts inflation would accelerate as hoped. Analysts stressed that the inflation data, which will be released by the Turkish Statistical Institute (TurkStat) today, and the macroeconomic data that will be announced in the U.S. this week will prove important for investors.

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