Turkish stocks go up over 1 percent at close

By Muhammed Ali Gurtas

ANKARA (AA) - Turkey’s benchmark index closed the day with a 848.29-point increase to stand at 77,547.71 points on Wednesday.

The BIST 100 index rose by 1.11 percent, and the total trading volume of the benchmark index hovered around 2.1 billion Turkish liras (approximately $592 million).

On the third day of the week, the banking and holding sector indices advanced by 1.35 and 0.98 percent, respectively. Among all sector indices, the transportation sector rose the most -- 2.36 percent -- while the investment trusts index fell the most, by 0.60 percent.

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

The European Bank for Reconstruction and Development (EBRD) will provide €50 million (around $52 million) through Garanti Bank to Turkish companies led by women which have limited access to credit, the bank said on Wednesday.

The financing comes under the Finance and Advice for Women program, co-funded by the European Union, the EBRD and Republic of Turkey.

Pegasus, Turkey's prominent private sector airline company, enjoyed a 7.29 percent rise in its shares -- the highest of the day. Ihlas Holding shares saw the biggest drop with a 3.33 percent decline.

The Borsa Istanbul Gold Exchange index declined by 0.46 percent in value, with gold trading at 130,120 Turkish liras ($36,690) per kilogram as of 4.30 p.m. (1330GMT).

The U.S. dollar/Turkish lira exchange rate increased to stand at 3.5460 as of 5 p.m. (1400GMT) on Wednesday, compared to 3.5240 in Tuesday's closing session.

On Wednesday, Economy Minister Nihat Zeybekci said full customs union would be the best course for both the EU and Turkey.

Updating the customs union agreement with a full scope of agricultural products, services and public procurements is also estimated to boost Turkey’s Gross Domestic Product by an additional two percent per year by 2030, according to an impact analysis, Zeybekci said.

"This will bring additional growth of 24.5 percent in exports and extra 23 percent in imports upon normal growth of those figures," he added.

The Turkish government has received initial applications for 15.4-billion-liras’ worth ($4.34 billion) of regional projects in eastern Turkey under the Attraction Centers Program, Development Minister Lutfi Elvan said on Wednesday.

The government announced on June 17 it would introduce problem-free investment zones for companies in eastern Turkey, where some of the country’s most under-developed regions are located.