Turkey's benchmark stock index hit all-time high, increasing by 2.78% to close at 1,294.72 points Wednesday.

After starting the day at 1,264.06 points, Borsa Istanbul's BIST 100 index earned 35 points over Tuesday's close of 1,259.72 points.

During the day, the index hovered between 1,264.06 and 1,293.80 points.

The total market value of the BIST 100 was around 952 billion Turkish liras ($123.9 billion) by market close, with a daily trading volume of 35.1 billion Turkish liras (nearly $4.5 billion).

Compared to Tuesday, 80 stocks on the index rose, 19 fell, and one was flat.

The highest trading volumes were posted by private lenders Garanti BBVA and Yapi Kredi, and iron/steel producer Kardemir.

Automotive company Dogus Otomotiv was the best performer, with its shares up 9.95%, while stocks of food company Kerevitas Gida dropped the most, losing 5.5%.

The price of one ounce of gold was $1,888.75 by market close, up from $1,868.30 at the previous close, according to data from Borsa Istanbul's Precious Metals and Diamond Markets.

The price of Brent crude oil was around $44.5 per barrel as of 6:15 p.m. local time (1515GMT) on Wednesday./aa