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Turkish stocks rise, lira recovers against dollar

Borsa Istanbul's BIST 100 index closes nearly 2.5 percent higher; Turkish lira gains considerable value against US dollar

Ersin Çelik
09:24 - 7/12/2016 Wednesday
Update: 09:27 - 7/12/2016 Wednesday
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Turkey's benchmark index was up 2.49 percent at the close of the daily session on Tuesday.



The BIST 100 index rose 1,833.64 points to close at 75,433.34. The total trading volume of the country's stock exchange market was 3.8 billion Turkish liras (approx. $1.1 billion).



On the second day of the week, the banking and holding sector indices increased by 2.70 and 2.84 percent, respectively.



Among sector indices, the basic metal index rose the most -- by 4.89 percent -- while the insurance sector declined most by 0.38 percent.



The most heavily-traded stocks were lenders Garanti Bank, Halkbank, Akbank, Vakifbank, and the national flag carrier, Turkish Airlines.



Shares of Saray Matbaacilik (SAMAT), operating in wood paper printing industry, were the top percent gainer with an increase of 19.30 percent in value.



Netas, primarily involved in the information technology sector, was the top loser when its shares went down by 2.69 percent. The company announced on Tuesday that Chinese telecom and mobile equipment group ZTE Corp. had agreed to buy 48.04 percent of NETAS for 358 million Turkish lira ($101.3 million).



The Borsa Istanbul Gold Exchange index advanced by 0.61 percent in value, with gold trading at 132,100 Turkish liras ($38,146) per kilogram.



On Tuesday, the Central Bank of the Republic of Turkey hosted a press conference to give details about the bank's 2017 monetary and exchange-rate policy.



Speaking at the conference, Central Bank Governor Murat Cetinkaya said, "We will continue to support the local currency as the medium of exchange in economic activities."



"If these fluctuations [in exchange rates] have serious and permanent impacts over the essentials of the economy and specifically price stability, the Central Bank naturally would not be indifferent to these developments," Cetinkaya added.



The U.S. dollar fell below the 3.50 threshold against the Turkish lira for the first time since Dec. 1 and the U.S. dollar/Turkish lira exchange rate was down steeply to stand at 3.4650 at 5 p.m. (1400GMT) Tuesday, compared to 3.5400 at Monday's closing session.








#BIST 100 index
#Borsa Istanbul
#closing session
#Turkey's stock exchange market
#Turkish lira vs US dollar
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