Day: November 4, 2021

Turkey’s benchmark stock index ended Thursday at an all-time highest closing level of 1,575.67 points, gaining 1.85% from the previous close.

Starting the day at 1,562.17 points, Borsa Istanbul’s BIST 100 index increased 28.64 points from Wednesday’s close of 1,547.03 points.

The index’s lowest value during the day was 1,562.15 points and its daily high was 1,577.36 points.

The total market value of the BIST 100 was almost 1.24 trillion Turkish liras ($128.3 billion) by market close, with a daily trading volume of 25.6 billion Turkish liras ($2.64 billion).

A total of 81 stocks on the index rose, while 15 fell, and four remained unchanged, compared to Wednesday’s close.

The highest trading volumes were posted by national flag carrier Turkish Airlines, and private lenders Garanti BBVA and Is Bankasi.

Shares of investment trust Global Yatirim Holding performed the best, rising 10%, while stocks of power plant CAN2 Termik dropped the most, 10%.

One ounce of gold traded for $1,779.40 by market close, up from $1,775.00 at the previous close, according to data from Borsa Istanbul’s Precious Metals and Diamond Markets.

The price of Brent crude oil was down 0.2% to $81.84 per barrel as of 6.43 p.m. local time (1543GMT).

Source: Anadolu Agency

The Foreign Economic Relations Board of Turkey (DEIK) on Thursday launched a report via a webinar on Bilateral Trade and Foreign Direct Investment for Kuwait and Turkey.

DEIK and Turkey-Kuwait Business Council prepared the report aiming to provide business circles, potential investors, and decision makers both in Kuwait and in Turkey a practical guide to take forward their business plans to new horizons, Ebru Ozdemir, the chair of Turkey-Kuwait Business Council, said in the event.

She stressed: “The report encompasses a general picture of Turkey-Kuwait bilateral economic cooperation and latest developments in the relations.

“It also highlights key sectors and potential areas of investment for both countries and for both business circles.”

Ozdemir added that the report aims to draw the way forward for Turkey and Kuwait in the economic sphere.

Burak Daglioglu, the head of Turkey’s Investment Office, said the report aims to provide an overview of the investment landscape in Turkey and Kuwait.

“I hope that this report will be a roadmap for the development of mutual trade and investments,” he added.

He also stressed: “A resilient and fast-growing economy, Turkey offers business-friendly policies, deep talent pool, and global market access at the nexus of Europe, Asia, and Africa to attract sustainable FDI (foreign direct investment).”

Nail Olpak, the head of DEIK, said all countries are having difficult times due to the pandemic, while there are also some basic lessons learned that have been forcing people to develop new practices.

“The first point is the negative impact of globalization which put all of us bounding one or limited suppliers, however as of now, the whole business world is trying to have alternative supply scenarios,” he said.

“I believe, the winners of this period will be the ones who kept on going with an uninterrupted supply chain and gave enough trust to the counterparts,” he said, adding: “As the Turkish business community, we had and still have an uninterrupted supply chain from the beginning of the outbreak, so we’re eager, and we desire to have much more bilateral economic relations, including direct investments with Kuwait.”

Ayse Hilal Sayan Koytak, Turkey’s ambassador to Kuwait, said at the event that economic and commercial cooperation is at the core of Turkey-Kuwait relations.

So, by launching a report on bilateral trade and foreign direct investment, the Business Council is again underlining a crucial aspect of the bilateral ties, she highlighted.

“Currently, there are 383 companies in Turkey having Kuwaiti investors. The total foreign direct investment inflows from Kuwait to Turkey between 2002 and 2020 already passed $2 billion,” she added.

Source: Anadolu Agency

European stock markets closed higher on Thursday while four indices climbed to new record high levels.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, gained almost two points, or 0.41%, to close at 483.21, before hitting a new all-time high of 484.03 points.

London’s FTSE 100 was up 31 points, or 0.43%, closing at 7,279.

Germany’s DAX 30 increased 69 points, or 0.44%, to 16,029 before reaching a record high level of 16,064.79 points.

France’s CAC 40 climbed 37 points, or 0.53%, to 6,987 after it climbed to a fresh all-time high of 6,993.01 points during the day.

Italy’s FTSE MIB 30 was the best performer again by soaring 144 points, or 0.53%, to end the day at 27,522. Borsa Italiana posted a fresh record high of 27,550.29 during the session.

Spain’s IBEX 35 increased 8.6 points, or 0.1%, to close at 9,039.

Source: Anadolu Agency