TL balance sheet is looking for the direction of the stock market
Future The fluctuating course is expected to continue after the holidays at Borsa Istanbul, which will be open for 1.5 days this week due to Eid-al-Adha. With the Central Bank (CBRT) interest rate decision, TL depreciated faster than expected. In addition, investors who want to protect themselves from the inflation that will occur have resorted to the shares of companies with foreign currency income, high exports and sales indexed to the exchange rate. As TL continues to depreciate, the ‘foreign exchange’ fraternity may continue in the near term, but experts predict that there will be a high probability of stock market fluctuations after the Eid holiday. While it is claimed that where the TL will be balanced will be an important indicator, another important issue is the regulations that apply to banks. The performance of the Banking Regulation and Supervision Agency (BBDK) in the banking sector regarding the movement of bank shares, which are the locomotive of the stock market, will be carefully monitored. On June 22, the Central Bank had raised interest rates for the first time in 27 months. Although the CBRT lowered the policy rate by 650 basis points to 15 percent, the increase was below expectations.
STAND UP AFTER THE DECISION
After the rise, which the markets did not find enough, new records were broken in exchange rates and grams. In the first three days of the week, the BIST 100 index, which was pressured by the selling of investors who wanted to switch to cash before the holidays, started to rise after the CBRT decision. After completing Wednesday at 5,186 points, the BIST 100, which rose 4.6 percent on Thursday, appreciated 2.8 percent on the last trading day of the week. Thus, the index ended the critical week with a gain of 1.98 percent. The index, which broke the historical record of 5,730 points with the announcement of the new economic management after the elections, has risen 14 percent since the beginning of June.
The fluctuating course will continue
Stating that the fluctuating course in the stock market will continue in the post-holiday period, Ata investment strategist Batuhan Özşahin said: “Where the TL will balance will be an important indicator. Apart from that, the steps to be taken by the BRSA in the banking sector, the steps to be taken to protect financial risks; We believe that steps that will help the budget, such as tax increases, will be important in determining the direction of the markets in the coming period.”
Banks can come up with ‘simplification’
Gedik Investment Chief Economist Serkan Gönençler said that while the interest rate decision supports the uptrend of the BIST-100 index, the rise may be more limited than an anticipated interest rate hike decision and the index of the industry can drive the increase instead of the bank index. The messages that come from the markets can be very effective in the markets,” he said. Gönençler said that decisions to simplify macroprudential measures can push up the bank index.