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Turkish Equities Partially Pare Recent Losses

TURKEY
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  • Turkish equities have partially pared some of their recent losses, though the major benchmarks remain within yesterday’s ranges. The banking sub-index is up 1.75% today and outperforming the main Borsa Istanbul index – which is up a more muted 0.50%.
  • As we noted yesterday (click here to see more), some experts expect profit taking behaviour to continue through September with the index still within relatively close proximity of its all-time highs.
  • Elsewhere, yields on Turkey’s USD bonds are up 2-4bps across the curve but within the month's ranges. Meanwhile, USDTRY is trading steadily higher for the ninth consecutive session. The pair is up 0.10% on the day and has pared the majority of the Aug 24 downturn over the past few weeks.
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  • Turkish equities have partially pared some of their recent losses, though the major benchmarks remain within yesterday’s ranges. The banking sub-index is up 1.75% today and outperforming the main Borsa Istanbul index – which is up a more muted 0.50%.
  • As we noted yesterday (click here to see more), some experts expect profit taking behaviour to continue through September with the index still within relatively close proximity of its all-time highs.
  • Elsewhere, yields on Turkey’s USD bonds are up 2-4bps across the curve but within the month's ranges. Meanwhile, USDTRY is trading steadily higher for the ninth consecutive session. The pair is up 0.10% on the day and has pared the majority of the Aug 24 downturn over the past few weeks.