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İMKB raises the bar and crosses the 59,000 mark
In the first hour of trading the İMKB-100 index broke its previous record of 58,896 achieved during the second session of trading on Monday by crossing the 59,000 mark and hitting 59,039. The benchmark index did not stop there, however, and rose to an all-time high of 59,173 before the end of the first session of trading. In the second session, the index hit 59,289 for yet another record and not showing any signs like it will back off.
The index closed the first session of trading at 59,043 yesterday, or 622 points higher than the previous day. This also set the record for the highest first session closing in the stock exchange’s history.
The TL-dollar parity also showed that the lira was starting to gain some muscle, dropping below TL 1.5 per dollar for the first time in over two months. The dollar was selling at TL 1.493 at press time.
According to experts, the gains on Wall Street led to a positive outlook by investors for yesterday and resulted in these gains. Moreover, as fear of a possible Greek default subsided, global markets started gaining, and were boosted by news that retail sales had increased in the US.
Discounter Target Corp., department store Macy’s Inc., clothier Gap Inc. and Victoria’s Secret parent Limited Brands Inc. posted double-digit increases in March sales that beat Wall Street analysts’ expectations.
Overall, sales in stores open at least a year rose 9 percent in March, based on an index of 31 retailers compiled by the International Council of Shopping Centers.
Analysts have also pointed to several first quarter earnings results of US firms that will be released in the coming week, which may boost or crush the spirits of global markets.
The price for 1 gram of 24 carat gold rose to TL 55.6, the highest level in 5 weeks. Evaluating the developments in gold markets to Anatolia news agency Friday in İstanbul, economist Mehmet Ali Yıldırımtürk cited recent speculations as the major factor for the price increase in gold. He said they expected to see a decline in prices within the next few weeks in line with an anticipated increase in global production.
While the İMKB broke historical records, the number of shares which earned more than 100 percent in value reached 19 from December to April. Vakıf Girişim led these with a 683.65 percent increase in value while Afyon Çimento followed with a 671.15 percent spike in value. Petrokent Turizm shares earned 220 percent in value, coming third.
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