Trump win in US presidential race supports Turkish stocks

ENKA Insaat ve Sanayi AS

06/11/2024 11:43

** Turkish stocks and lira strengthened on Monday after
Republican Donald Trump won the U.S. presidential election
    ** The benchmark BIST 100 index  .XU100  opened 0.34% higher
and surged nearly 3% by 1130 GMT while the lira traded at
34.2400 against the U.S. dollar, slightly down from 34.3420 at
Tuesday's close
    ** Yakup Toktamış from Trive Yatırım stated that Turkish
stocks rose following Trump's claimed victory, with investors
expecting him to push for peace negotiations in the Middle East
    ** "This optimism led to gains in sectors such as
construction, energy, food, and transportation, particularly
reflected in stocks like Turkish construction company Enka
Insaat  ENKAI.IS  and Turkish brewer Anadolu Efes  AEFES.IS ,
which rose 8.25% and 9.96%, respectively," Toktamıs adds
    ** Yusuf Doğan, Head of Global Markets Research at Info
Yatırım, noted that the close race in polls had raised market
concerns, but Trump's clear victory eased uncertainty
    ** "The VIX, a key measure of market volatility, dropped by
over 30%, signalling relief in the markets following the
election outcome," Dogan adds
    ** BIST 100 index is tracking its best day since May 

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))