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Turkish Bank Index Records Fresh All-Time High

TURKEY
  • The Turkish Banking Sector index closed Tuesday's session marginally in the green, though recorded a fresh all-time high of 9892.6 earlier in the session. The index rallied an impressive 8.9% yesterday after BofA noted that "investor interest in Turkey has increased significantly and investors are eager to renew their views on Turkish banks after several years of disengagement."
  • The Borsa Istanbul index, on the other hand, shed 1.06% during Tuesday’s session. Nevertheless, price remains above the 7700.00 handle which local newspaper Ekonomi have previously pointed to as a support level to watch.
  • Minister of Treasury and Finance Mehmet Simsek and CBRT Governor Hafize Gaye Erkan are slated to participate in an investors' meeting organised by JP Morgan on January 11. Erkan will deliver a presentation titled "Monetary Policy and Inflation Outlook". Simsek will attend the meetings virtually.
  • On Friday, Moody’s may provide an update to Turkey’s sovereign credit rating (Current rating: B3; Outlook: Stable).

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