By Gokhan Ergocun
ANKARA (AA) – Turkey's benchmark stock index dropped by 1.92 percent to 94,008.29 points with a trading volume of around 8.9 billion Turkish liras (nearly $1.90 billion) in the closing session on Monday.
Borsa Istanbul's BIST 100 index ended the day with a 1,843.81-point drop from Friday's close of 95,852.11 points. The BIST 100 opened the day on Monday at 99,255.76 points, up 3.55 percent from the previous close after President Recep Tayyip Erdogan's election victory on Sunday based on preliminary results.
Sunday night Erdogan became Turkey's first leader under a presidential system of government, and the People’s Alliance – an alliance between his ruling Justice and Development (AK) Party and the Nationalist Movement Party (MHP) – also secured a parliamentary majority, according to unofficial results.
The USD/TRY exchange rate dropped to 4.6850 as of 5 p.m. local time (1400GMT) Monday, compared with 4.6950 at Friday's close. Last month it hit an all-time high of 4.93. The rate saw a 4.55 level at the opening of the day on Monday.
The euro/lira exchange rate stood at 5.4730 by market close, versus 5.4720 at the previous close, and one British pound traded for 6.2350 Turkish liras, compared with 6.2310 at Friday's close.
The BIST Gold Exchange index gained in value by 0.01 percent at the close. In Borsa Istanbul's Precious Metals and Diamond Markets, one ounce of gold traded for $1,270.15 as of 4.30 p.m. local time (1330GMT) Monday, compared with $1,270.00 at the previous close.
The price of Brent oil rose to $74.75 per barrel as of 6 p.m. (1500GMT) Monday, from $74.25 on Friday's close. It saw $75.81 per barrel and dropped to $73.93 early Monday after the Organization of the Petroleum Exporting Countries (OPEC) decided to raise oil production.
