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Borsa Istanbul Closes Below 8000 For First Time Since August

TURKEY
  • The Borsa Istanbul index ended the session below the 8000.00 handle having closed above that level in the ten consecutive sessions prior. The banking sector sub index was more resilient, ending the session just 0.21% in the red compared to -1.93% for the main index.
  • According to Ekonomi’s banking sources, closing below 8000.00 level is an important psychological development. However, price action remains just within the 7950-8100 region, marked by the 21- and 9-day EMAs respectively. Settling below these averages would turn the technical outlook negative, they say.
  • Looking ahead, the CBRT rate decision is the next key risk event for the local stock market. Consensus is shifting toward another large hike from the CBRT, with some analysts predicting a hike of as large as 500bps, after President Erdogan recently stated his support for tight monetary policy to bring down inflation, pivoting from his prior unorthodox stance.
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