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Banking Index Records Fresh All Time High

TURKEY
The Borsa Istanbul index stands 1.20% higher at typing, placing the benchmark index within relatively close proximity to all-time highs printed at 8403 earlier this month. Meanwhile, the banking index has recorded a fresh record high, and is up over 3% on the day. The sub-index has rallied over 100% since the runoff election on May 28.
  • Local stocks are likely being supported by the expected upgrade in Turkey’s sovereign rating outlook from ‘Negative’ to ‘Stable’ by S&P after hours today. Moody’s recently updated their outlook on banking stocks from ‘Negative’ to ‘Stable’, and have also said that “The shift toward more orthodox, rules-based and predictable policy making is credit positive”, potentially indicating that Turkey’s overall sovereign credit rating could be updated if rational policy continues to be implemented.
  • Since then, the CBRT hiked its key rate by an additional 500bps, with sell-side expecting further hikes through the remainder of the year: https://roar-assets-auto.rbl.ms/files/55876/MNICBR...
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