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Borsa Istanbul Index Extends Rally, Recording Fresh High

TURKEY
  • The rally on the Borsa Istanbul Index has extended on Thursday, taking the index to a fresh record high. The sub-index of banking stocks is up 6.3% today, with gains this week now above 16%. Meanwhile, the benchmark index has rallied 8% in August overall.
  • The rally in banking stocks has accelerated alongside persistent public interjections from Simsek, who has stressed that easing credit conditions will arrive in the coming months, along with a slowing of inflation. His messaging drive has likely extended in private. Notably, he held a meeting with as many as 50 investors including sovereign wealth funds on Friday last week.
  • Moreover, the CBRT have reiterated that they plan to simplify the existing macroprudential framework as part of the return to more conventional monetary policy – a move which should improve net margins of state banks.
  • However, some sell-side desks are sceptical as to whether the current set of policies will be enough to resolve long-term problems and restore credibility in the central bank (See here: https://marketnews.com/commerzbank-revise-year-end...)
  • Elsewhere, Turkey’s USD bond yield curve trades 3-8bps lower and steeper, reflecting the optimism seen in Turkish equities, though yields across the curve remain above multi-year lows printed in late-July.
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