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Borsa Istanbul Stock Index Records Fresh Record High

TURKEY
The Borsa Istanbul stock index has now fully erased Tuesday’s post-CPI losses, up 1.85% on the day at typing. That places the index back at a record high, piercing the Feb 13 high of 9217. The banking index is a more moderate 1.15% in the green but is also at a new all-time high. The positive trend in Turkish equities is following the recovery in major US and European equity benchmarks.
  • Turkey’s government bonds have recorded gains for the second consecutive session, resuming the uptrend that started in early-Feb. Strong demand in Turkey’s fixed-coupon bond auction on Monday have inspired this week’s gains, with yields on 10y bonds down 4bps today. Nevertheless, current levels sit well within this week’s extremes owing to the spike in yields on the back of the US inflation data.
  • The next domestic risk event is the CBRT meeting on Feb 22. While no change to the one-week repo rate is expected, the central bank are likely to adjust banking regulation further while continuing to use alternative tools to manage financial conditions. Given this is the first meeting under newly appointed Governor Fatih Karahan, the policy statement will be closely watched for any potential hawkish tweaks.
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