The Borsa Istanbul 100 Index, which takes into account the stocks of the 100 largest companies in Turkey, rose on Monday, June 3rd by 4.05% and reached a new all-time high of 5992.63 points, according to RBK. Since the beginning of 2023, the index has risen by 8.5%.
As of 13:15 MSK, the benchmark Turkish index Borsa Istanbul 100 was up 4% and trading at 5989.68 points. The Borsa Istanbul 30 index, which includes the stocks of blue chips on the Turkish market, added 4% to 6653.13 points.
Last year, the Turkish market became one of the top performers in the global stock market. Private investors invested in Turkish assets in order to protect themselves from high inflation. According to Bloomberg, the Borsa Istanbul 100 index rose by 196.6% in 2022, making it the best performance since 1999. Most European, Asian, and American financial markets showed negative dynamics in 2022.
As Bloomberg noted, the strong growth of the stock market in Turkey last year was related to the monetary policies of the Turkish authorities, who, unlike many other countries, lowered the refinancing rate, as well as to the high inflation figures. The Consumer Price Index in Turkey in the annual expression was about 64% in 2022.