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Experts Say Borsa Istanbul Profit Taking Behaviour May Continue in September

TURKEY
  • Despite recording a fresh all-time high Monday morning, the Borsa Istanbul index ended yesterday’s session around 2% in the red. Comments from Simsek, who stated that "You cannot control inflation and the current account deficit with such a high loan volume", provided a headwind to index.
  • Industry experts who spoke to local newspaper Ekonomi point out that corrective price action has been experienced intermittently and may be repeated, while also underlining that they do not expect the declines to be long-term. Nevertheless, they note that profit taking is likely to continue through September.
  • Today, the benchmark index sits close to flat. The banking sector shed around 6% yesterday, with the sub-index down a further 0.6% today.

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