Turkey's benchmark stock index rose by 1.47% to close Wednesday at 1,167.65 points.

After starting the day at 1,155.48 points, Borsa Istanbul's BIST 100 index earned 16.94 points over Tuesday's close of 1,150.71 points.

During the day, the index hovered between 1,154.00 and 1,167.37 points.

The total market value of the BIST 100 was around 863 billion Turkish liras ($102 billion) by market close, with a daily trading volume of 24.5 billion Turkish liras (nearly $3 billion).

Compared to Tuesday, 84 stocks on the index rose, 12 fell, and four were flat.

The highest trading volumes were posted by private lender Garanti, iron/steel producer Kardemir, and flagship carrier Turkish Airlines.

Ege Endustri, which manufactures components for the automotive industry, was the best performer, with its shares up 9.9%, while stocks of state lender Industrial Development Bank dropped the most, losing 10%.

The price of one ounce of gold was $1,903.50 by market close, up from $1,899.55 at the previous close, according to data from Borsa Istanbul's Precious Metals and Diamond Markets.

The price of Brent crude oil was around $40.48 per barrel as of 6.15 p.m. local time (1515GMT) on Wednesday.