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Equity Market Surges on Re-Open

TURKEY
  • Turkey’s equity market surged at the open, with the BIST-100 up 9.36% at the time of typing, as trading resumed following last week’s closure due to the earthquakes. In addition to market stabilisation measures announced in the past few days (lower reserve ratios among banks in earthquake struck areas, looser regulations and rules around stock buybacks, limits on gold imports), the central bank has said that it will buy government bonds that pension funds are required to sell under measures intended to mitigate the market fallout. The central bank plans to make total up to TRY8bln in purchases, including TRY3bln worth of bonds and sukuk on Wednesday.
  • Opposition parties have underlined the constitutional obligation to hold the presidential and parliamentary elections on Jun 18 at the latest after a senior former ruling party official suggested that the elections should be postponed, Hurriyet report. Kemal Kilicdaroglu, the leader of the Republican People’s Party (CHP), and Kursad Zorlu, the deputy leader of the Good Party (IYI), both rejected the idea of postponement.
  • Turkey's budget deficit narrowed to TRY32.2b in January from -TRY118.6b in December, data released this morning showed. Meanwhile, the lira weakened to a record low of 19.0157 per dollar in early trading, though USD/TRY has since stabilised to around 18.85 at the time of typing. There are no other major releases on the docket.
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