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Turkish Bank Index Extends 2024 Rally, Moody's May Update Turkey's Sovereign Credit Rating

TURKEY
  • The Turkish Banks Index has ended the week above the 10,000 handle, recording a fresh all-time high of 10,275.2 earlier in the session. The index has gained just over 13% YTD, compared to +4.75% for the Borsa Istanbul index. That index briefly pierced the 8000.00 handle for the first time since mid-December today. A close above that level would be a strong bullish signal.
  • Strong performance of Turkish equities has coincided with continued efforts by both central bank and government officials to convince foreign investors to return to lira assets. Most recently, the central bank hosted an investor event in New York at the JP Morgan headquarters, where the CBRT governor discussed the bank’s efforts to accumulate reserves and increase the share of lira deposits in the banking system. Moreover, the governor reiterated that the Bank's tightening cycle will be completed as soon as possible.
  • Note that Moody’s may make a statement on Turkey’s sovereign debt rating and outlook after markets close today (Current rating: B3; Outlook: Stable).
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