Turkish stocks hit new record as economy grows by 5 pct

By Muhammed Ali Gurtas

ANKARA (AA) - Turkey’s benchmark index advanced by 0.50 percent or 499.24 points at Monday's closing, after the Turkish Statistical Institute announced the country's economy grew by 5 percent in the first quarter of 2017.

A strong first quarter growth data pushed Turkish stocks to fresh record highs on Monday.

Borsa Istanbul’s BIST 100 index reached at 99,442.11 points -- highest close of all times -- with a total trading volume of 4.3 billion Turkish liras (approximately $1.22 billion).

The banking sector index rose by 1.14 percent while the holding sector was flat with a 0.09 percent down.

Among all sectors, the mining sector index was the best performer three days in a row -- up 3.37 percent -- while the metal products machinery index saw the biggest decline, falling 1.18 percent.

Stocks of Koza Madencilik (KOZAA), which operates in the mining industry, was the top gainer with an increase of 5.95 percent in value.

Stocks of Koc Holding’s Otokar plummeted 10.53 percent Monday after Turkey’s defense authority refused to accept the company’s offer to start mass production of the main domestic battle tank Altay.

The five most-traded stocks were private lenders Garanti, national flag carrier Turkish Airlines, state lender Halkbank, followed by leading petrochemicals producer Petkim plus mining company Koza Madencilik.

The U.S. dollar/Turkish lira exchange rate was flat at 3.5220 as of 5 p.m. (1400GMT) on Monday, compared with 3.5280 at Friday's close.

Borsa Istanbul's Gold Exchange index fell by 0.22 percent while the price of gold per kilogram decreased to 143,900 Turkish liras (some $40,837) as of 4.30 p.m. (1330GMT), from 145,500 Turkish liras (around $41,260) at Friday's close.