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Borsa Istanbul Index Rises Over 1%, Trading at Fresh All-Time High

TURKEY
  • The Borsa Istanbul Index has opened over 1% higher Monday morning and is trading at a fresh record high as Tupras, a petroleum refinery company, leads the advance. The index has now recorded gains of just over 25% on a YTD basis, while the Banking Sector Index stands 1.5% in the green today.
  • Turkey turned out to be Russia’s most reliable partner in the gas sector after Germany’s partial refusal to import Russian gas, Russian President Vladimir Putin said in an interview with Rossiya-1 TV channel, as reported by TASS yesterday. The Russian leader is expected to visit to Turkey to meet with President Erdogan in the coming weeks. His trip had initially been planned for Feb 12, but was postponed due to the looming elections.
  • The CBRT meets on Thursday having very likely concluded its rate hiking cycle last month. While no change to the 45% one-week repo rate is expected, the central bank is likely to adjust banking regulation further while continuing to use alternative tools to manage financial conditions.
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