Banking index rise over 4% before PPK meeting, dollar / TL retreats to 8.0 By

© Reuters. – Closing the day at 1,409 points, up 2.24% yesterday, it started its trading day flat and hit a high of 1,418 points. With the last two days of rising, the index erased its losses earlier this week and turned 1.6% on the positive side, but is still down 4% compared to the beginning of the year.

In the stock market yesterday and today, the rise on the side draws the most attention. The index, which closed the day at 1.107 points with an increase of 3.57% yesterday, reached 1.158 points with an increase of 4.5% in the first half and this week’s gain approached 8%. The index fell to 1,048 points on Tuesday, hitting the lowest level of the year, and the year-on-year loss also increased to 31%, with this week’s gain the index fell to 25.7% per year.

Today, in the first half of the day, there is a fall in many indices in the stock market and the most loss is experienced with 5%, and it is in the front ranks with a loss of over 2%.

Before the MPC, the possibility of keeping interest rates constant in the worst case was the main factor in the rise in the banking side, although it is possible that an increase in interest rates up to 100 basis points is also possible.

Turkey is experiencing the most gains today Garanti Bank shares from banks. The stock lost quite sharply in March, leading the decline. The loss of the stock since the beginning of the year is 27%.

There is a decrease before the PPK on the currency side. The dry rising to 8.23 ​​at the beginning of the week turned its direction down in the continuation of the week. While the decline in the US bond rates and the decline in the US bond rates was the global factor in the decrease in the exchange rate, the expectation that the CBRT will not cut interest rates domestically was effective. The currency, which fell below 8.03 in the last hour, is watched as 7.80 level as the closest support. However, since the difference in the exchange rate after the MPC in March was quite large, it is important to adhere to tight monetary policy, to remain strong in global risk appetite and to not have a new negative development in political-geopolitical issues in order to regress to 7.20.

Author: Deniz Engin

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