Weekly market summary: Stocks and gold decline, foreign exchange rises

As a volatile week for investment instruments comes to an end, stocks and gold have lost value, while foreign exchange rates have moved in an upward direction.

Stocks traded on Borsa Istanbul fell by an average of 2.68 percent on a weekly basis. During the same period, the gram price of gold recorded a 5.4 percent decline. In contrast, the dollar/TL exchange rate increased by 0.32 percent, and the Euro/TL rate rose by 0.92 percent.

The BIST 100 index saw a low of 12,601.60 points and a high of 13,168.16 points throughout the week. The index closed the week at 12,698.19 points, down 2.68 percent from the previous close.

A decline in gold prices was also notable. In the Grand Bazaar, the gram selling price of 24-karat bullion gold fell by 5.4 percent to 6,343 liras. Republic gold was sold at 42,748 liras, a decrease of 5.37 percent.

Quarter gold, which was 11,231 liras last weekend, lost 5.4 percent of its value and fell to 10,625 liras.

On the foreign exchange side, a limited increase was observed. The US dollar closed the week at 44.4600 liras with a 0.32 percent increase, while the Euro finished at 51.3080 liras, up 0.92 percent.

Investment funds lost 0.40 percent of their value this week, while pension funds lost 1.48 percent. When examined by category, the best-performing group among investment funds was money market funds with a 0.40 percent gain.

News Source: 12punto