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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TURKEY
- January-May total profit for Turkish banks was down 9.5% from the same period a year earlier according to recent data published by banking regulator (BBG). The NPL ratio stood at 3.69% in May.
- We recently saw that the elevated political and economic uncertainty combined with the high 'staff turnover' have been weighing on both the TRY and Turkish equities in recent months.
- Turkish equities are the cheapest among the EM world based on our 'value scoring model', which ranks EM equities market based on the price-to-book, price-to-sales and price-to-earnings ratios.
- Turkish financials remain a distressed sector with a P/B ratio of 0.45 and a PE ratio of 4.12 (vs. 1.06 and 7.65, respectively, for MSCI Turkey Index).
- Financials stocks (MXTR0FN Index) have been retracing slightly lower in recent days, gradually approaching their 2,200 support line; a break below that level would open the door for a move down to 2,164 (50DMA). On the topside, resistances to watch are 2,305 (100DMA) and 2,329 (61.8% Fibo of the 1,856 - 3,095 range).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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