Category: Industry

Turkey's daily electricity consumption decreased by 4.75% on Saturday compared to the previous day, totaling 910,325 megawatt-hours, according to official figures of the Turkish Electricity Transmission Corporation (TEIAS) on Sunday.

Hourly power consumption peaked at 42,303 megawatt-hours at 12.00 local time (0900 GMT), data from TEIAS showed. The country's electricity usage dropped to its lowest level of 31,829 megawatt-hours at 07.00 local time (0400 GMT).

Electricity production amounted to 924,338 megawatt-hours on Saturday, marking a 4.36% decrease from Friday.

Turkey's electricity production from natural gas plants constituted 43.3% of total electricity consumption, imported coal plants contributed 16.3% while lignite plants comprised 13.1%.

On Saturday, Turkey's electricity exports amounted to 17,192 megawatt-hours, while imports totaled 3,183 megawatt-hours.

Source: Anadolu Agency

The highest electricity price rate for one megawatt-hour in Turkey's day-ahead spot market for Monday will be 674 Turkish liras at 17.00, 19.00 and 20.00 (14.00GMT, 1600GMT, 1700GMT) , while the lowest will be 445.55 liras at 06.00 local time (0300 GMT), according to official figures on Sunday.

Turkey's Energy Exchange Istanbul (EXIST) data for the trade volume on Sunday's electricity market showed an increase of 11.4% to 316.93 million liras compared to Saturday.

The arithmetical and weighted average price of electricity on the day-ahead spot market is calculated as 535.68 liras and 537.71 liras, respectively.

The highest electricity price for one megawatt-hour on the day-ahead spot market for Saturday is set as 674 Turkish liras at 19.00 (1600GMT) and 20.00 (1700GMT), with the lowest at 434.70 liras at 12.00 local time (0900 GMT).

US$1 equals 8.47 Turkish liras at 1100 GMT on Sunday.

Source: Anadolu Agency

Technology-focused cooperation will open new doors for Turkish and Kyrgyz business circles, Turkey's vice president said on Friday.

Speaking at the 10th Turkey-Kyrgyzstan Joint Economic Commission Meeting, Fuat Oktay called on businesspeople to form new partnerships in investments for digital platforms and jointly produce new technologies of the future.

Rapid infrastructure transformation can be achieved in Kyrgyzstan if development-oriented smart cities perspective and digital transformation steps are supported by the vision and know-how of Turkish companies from the defense industry to health technologies, Oktay stressed.

"We can pass on our experience to Kyrgyzstan with our technoparks, industrial zones, and incentives for the digital transformation process in the industry, we can strengthen our brotherhood with joint startups," he said.

The meeting aims to address new cooperation opportunities and open the doors for new partnerships between the two countries' businesspeople, the vice president stressed.

The friendly ties will grow stronger every day through new investments and cooperation between institutions and will lead to regional gains covering other countries, Oktay said.

"Turkey has always supported and will continue supporting the efforts of brotherly Kyrgyzstan to become an independent, stable, and prosperous country that stands on its own feet," he said.

Noting that Turkey's investments in Kyrgyzstan – with investments through third countries – top $1 billion, Oktay said the bilateral trade volume last year reached $509 million.

In the first eight months of this year, the bilateral trade volume jumped 78% year-on-year to $508 million, the vice president underlined, adding that the figure falls short of the countries' potential.

"Our trade ties can go beyond items such as textiles, iron and steel products, logistics, machinery, and agricultural products, and expand into areas such as energy, mining, defense industry and technology products," Oktay said.

Stressing that investments in digital areas yield much more profit than conventional business models, Oktay said: "Tech-focused cooperation offers opportunities with high potential to our businesspeople."

Anadolu Agency

European stock markets closed lower Friday except for the UK, while US indices turned lower despite a strong opening.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 1.23 points, or 0.26%, to close at 466.34. The index posted a 1.18% weekly decline.

Germany's DAX 30 lost 13 points, or 0.1%, to fall to 15,609, while France's CAC 40 was off 21 points, or 0.31%, to end the day at 6,663 points. This week, they were down 1.08% and 0.39%, respectively.

Italy's Borsa Italiana FTSE MIB 30 was down 223 points, or 0.86%, to 25,686. Spain's IBEX 35 was the worst performer of the day by shedding 105 points, or 1.2%, to close at 8,695. The indices fell 1.45% and 1.9%, respectively, for the week.

London's FTSE 100 was the only gainer of the day by rising 5 points, or 0.07%, to 7,029. It declined 1.52% this week.

Asian stock markets

Despite the selloff in Europe and the US, major stock markets in Asia closed the day with gains and posted weekly increases.

The Asia Dow, which includes blue-chip companies in the region, jumped 43.2 points, or 1.08%, to close Friday at 4,045 points. It was up over 1.5% weekly.

Tokyo's Nikkei 225 stock exchange surged 373.65 points, or 1.25%, to 30,381. The index posted a 4.30% increase this week.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, climbed 489.9 points, or 1.91%, to 26,206, while it had a weekly rise of 1.17%.

China's Shanghai stock exchange was marginally up 9.98 points, or 0.09%, to 3,703 points, while it surged 3.39% this week.

Major indices in the US

Major indices in the US opened strong on Friday but failed to keep up the momentum as two of them later turned to negative.

The Dow Jones was down 35 points, or 0.1%, to 34,844 at 12.26 p.m. EDT (1626GMT), while the S&P 500 fell 1 point to 4,491.

The Nasdaq, on the other hand, was up 6 points to 15,254.

The VIX volatility index, also known as the fear index, was at 18.19 with a 3.2% decline.

While the dollar index was up 0.1% to 92.55, the yield on 10-year US Treasury notes rose 3.5% to 1.346%.

Precious metals were down with gold falling 0.2% to $1,791 per ounce, and silver shedding 0.8% to $23.85.

Oil prices reversed course from previous day's losses by rising more than 2%. Brent crude was trading at $72.92 per barrel and West Texas Intermediate was at $69.75.

Anadolu Agency

Turkey's vice president on Friday attended a meeting to expand multilateral cooperation between the Turkish and Kyrgyz private and public sectors.

Fuat Oktay attended the meeting in the Kyrgyz capital Bishkek with Ulukbek Maripo, the chairman of Kyrgyzstan's Cabinet.

The meeting was attended by Turkish businesspeople, and participants discussed investments, added value, and new business opportunities to create in Kyrgyzstan.

Participating companies' wish to accelerate and improve business procedures in Kyrgyzstan was also addressed.

The meeting was attended by various Turkish officials along with Kyrgyz government ministers.

Oktay arrived in Bishkek on Thursday to attend today's 10th meeting of the Kyrgyz-Turkish intergovernmental commission for commercial and economic cooperation and the Kyrgyz-Turkish business forum.

On Twitter, Oktay praised ties between the two countries, saying that he and Maripo discussed "the strong bilateral relations and common goals" of Turkey and Kyrgyzstan, which share "a deep-rooted historical and cultural common past.”

Anadolu Agency

Turkey's benchmark stock index closed at 1,438.72 points on Friday, down 0.96% from the previous close.

Starting the day at 1,455.46 points, Borsa Istanbul's BIST 100 index lost 13.95 points from Thursday's close of 1,452.67 points.

The index's lowest value during the day was 1,437.62 points, while its daily high was 1,457.10 points.

The total market value of the BIST 100 was almost 1.09 trillion Turkish liras ($128.6 billion) by market close, with a daily trading volume of around 10.9 billion Turkish liras ($1.3 billion).

A total of 22 stocks on the index rose, 75 fell, and three remained unchanged compared to Thursday's close.

The highest trading volumes were posted by private lender Garanti BBVA, national flag carrier Turkish Airlines, and another private lender Yapi Kredi.

Stocks of automotive company Dogus Otomotiv were the best performers on the day, rising 4.41%. The biggest drop of 4.56% was in stocks of EIS Eczacibasi Ilac (ECILC), a pharmaceutical company operating under major conglomerate Eczacibasi Group.

One ounce of gold traded for $1,795 by market close, down from $1,797.30 at the previous close, according to data from Borsa Istanbul's Precious Metals and Diamond Markets.

The price of Brent crude oil was around $72.80 per barrel with a 1.9% gain as of 6:37 p.m. local time (1537GMT).

Exchange Rates Thursday Friday

USD/TRY 8.4620 8.4200

EUR/TRY 10.0110 9.9620

GBP/TRY 11.7440 11.7010

Anadolu Agency

European stocks closed mixed Thursday after the conclusion of the much-anticipated meeting of the European Central Bank (ECB).

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 0.3 points, or 0.06%, to close at 467.57.

London's FTSE 100 was the worst performer for the day, shedding 71 points, or 1.01%, to 7,024, while Spain's IBEX 35 fell 38 points, or 0.43%, to close at 8,800.

Germany's DAX 30 rose 12 points, or 0.08%, to 15,623. Italy's Borsa Italiana FTSE MIB 30 added almost 33 points, or 0.13%, to 25,909.

France's CAC 40 was the best performer, rising more than 15 points, or 0.24%, to end at 6,684 points.

The mixed results came after the ECB kept its monetary policy unchanged but signaled a slowing of its asset purchases.

The central bank said that "financing conditions can be maintained with a moderately lower pace of net asset purchases under the pandemic emergency purchase programme (PEPP) than in the previous two quarters."

It noted, however, that it will "continue to conduct net asset purchases under the PEPP with a total envelope of €1,850 billion until at least the end of March 2022 and, in any case, until it judges that the coronavirus crisis phase is over."

Asian stock markets

Major stocks in Asia also closed mixed, with only Shanghai in positive territory.

The Asia Dow, which includes blue-chip companies in the region, lost 42 points, or 1.06%, to end at 4,002 points.

The Nikkei 225 stock exchange fell 173 points, or 0.57%, to 30,008. The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, plummeted 604 points, or 2.3%, to 25,716.

China's Shanghai stock exchange was the only gainer, increasing almost 18 points, or 0.49%, to 3,693 points.

Major US indices

Despite a slow opening, the Nasdaq was up 43 points, or 0.28%, to 15,329 at 12.38 p.m. EDT (1638GMT) with Moderna and BlackBerry extending gains to 7% and 4.5%, respectively.

The Dow Jones was up 8, or 0.02%, to 35,039, while the S&P 500 was flat, adding just 1 point to 4,515.

The VIX volatility index, also known as the fear index, was at 17.87 with a 0.5% decline. The dollar index was down 0.2% to 92.45.

The yield on 10-year US Treasury notes decreased 1.7% to 1.317%.

Precious metals recovered from the previous day's losses with gold rising 0.2% to $1,793 per ounce and silver adding 0.6% to $24.1.

The price of Brent crude was at $72.25 per barrel with a 0.5% loss. West Texas Intermediate fell 0.55% to $68.92.

Source: Anadolu Agency