BIST 100 Weekly Bulletin: Political Developments and Market Analysis
BIST 100 Index Experienced Sharp Sell-off Due to Political Developments
The BIST 100 Index ended the week with a 3.89% loss due to political developments. The Banking Index dropped 7.76%. Starting the new week with bargain buying, the index has support at 13,450 and resistance at 14,000.
Selling Pressure Continues in Turkish Bonds
Domestic government bonds faced selling pressure due to political developments and central bank reserve concerns. The benchmark bond yield rose to 40.22%, the highest level in recent times. US bonds saw widening in short-term maturities.
USD/TRY and EUR/USD Analysis
The strong dollar negatively impacts emerging market currencies. USD/TRY broke above the 45.60-45.70 band and continues its upward trend. EUR/USD fell below 1.16, moving in favor of the dollar.
Oil Prices and Geopolitical Developments
Optimism over US-Iran negotiations caused sharp declines in oil prices. Brent crude fell 4.79%, WTI 4.10%. Trump stated that an agreement to reopen the Strait of Hormuz is close.
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