In the domestic market, the BIST 100 index, which experienced volatile fluctuations last week, concluded the week with a 1.06% increase, reaching 7,853.36 points. The focus of investors has shifted to the interest rate decision that the Central Bank of the Republic of Turkey (CBRT) will announce at the Monetary Policy Committee (MPC) meeting next week.
Economists predict that the CBRT will increase the one-week repo auction interest rate (policy rate) by 250 basis points to 37.50%.
Last week, after Deutsche Bank announced that Turkish bonds could be among the best-performing emerging market bonds in 2024, BNP Paribas also reported that Turkish bonds became more attractive following the monetary policy adjustments made by the CBRT in recent months.
The downward trend in Turkey's 5-year credit default swap (CDS), continuing its decline, tested 347.1 levels, falling below 350 basis points for the first time in three years last week. Thus, the CDS decreased by approximately 31 basis points since the beginning of the week.
The USD/TRY completed the week at 28.6789, 0.4% above the previous closing.
Analysts suggest that from a technical perspective, 7,900 and 8,000 levels may emerge as resistance, while 7,800 and 7,700 points could serve as support for the BIST 100 index.
Data to be monitored next week:
In the domestic data agenda next week, the international investment position on Monday, foreign PPI on Tuesday, agricultural input price index on Wednesday, consumer confidence index on Thursday, CBRT's interest rate decision, weekly money and banking statistics on Thursday, capacity utilization rate, and real sector confidence index on Friday will be followed.
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