BIST 100 index increased led by banking
The stock market in Istanbul has shifted its direction upwards, despite the fact that the BIST 100 index started falling daily.
Quick Look
Although the BIST 100 index in Borsa Istanbul started the day with a decline, it increased by 2.2 percent to 13,415 points, led by banking stocks.
AI-generated summary
Why It Matters
After the BIST 100 index began to decline daily, banking shares rose in the lead.
Although the BIST 100 index in Borsa Istanbul started the day with a decline, it turned upwards, led by banking stocks. While the index increased by 2.2 percent to 13,415 points as of 10.55, the gain in value in the banking index exceeded 6 percent.
BIST 100 index started the day with a 1.32 percent decrease at 12,948.83 points. The index, which rose during the day led by banking stocks, gained 2.5 percent and reached 13,450 points.
THE INCREASE IN THE BANKING INDEX EXCEEDED 6 PERCENT
The banking index rose by over 6 percent, becoming the highest-earning index among sector indices.
The banking index was followed by communications with 4.06 percent, mining with 3.2 percent, transportation with 2.7 percent and trade with 2.1 percent.
The increase in the BIST 100 index exceeded 1 percent in dollar terms. BIST 30 index gained more than 3 percent and rose above 16,220 points.
MARKET MESSAGE FROM THE FINANCIAL STABILITY COMMITTEE
On the other hand, the Financial Stability Committee, convened under the chairmanship of the Minister of Treasury and Finance Mehmet Şimşek, evaluated the latest developments in the capital markets.
The committee stated that it was assessed that the activity in the markets was due to credit and liquidity problems experienced in some funds held by a limited number of portfolio management companies. In the statement, "There is no fundamental or structural risk regarding the functioning of Borsa Istanbul and our capital markets. The problem is concentrated in a certain part of the fund market and is temporary and manageable." expressions were used. The committee announced that the necessary measures will be implemented quickly and that the measures will be especially aimed at eliminating the liquidity crunch and preventing the risk of contamination.
NEW STEPS FOR LIQUIDITY FROM CBRT
The Central Bank of the Republic of Türkiye also reviewed its TL liquidity opportunities in line with the developments in the financial markets.
According to the statement made by the CBRT, the funding amount to be provided through weekly repo auctions will be increased taking into account liquidity conditions. Borrowing limits of banks in the Interbank Money Market will be updated taking into account the current balance sheet sizes of the banking system.
In addition, the collateral discount rates valid in the markets within the CBRT will be reviewed and reduced. The Central Bank stated that liquidity conditions will be closely monitored and any additional measures will be taken if necessary.
What to Watch
AI outlook — possibilities, not facts
TCMB will increase the amount of funding with weekly repo transfers.
Very likely · Within days
Open Questions
- Which funds are experiencing liquidity problems?
- What additional measures will be taken by the TCMB?
