Borsa Istanbul’s BIST 100 index, which drew a positive picture under the leadership of the banking equities, rose by 3.91% to 1,702.49, an all-time high as of Monday’s close. Analysts said the banking equities rapidly increased after Banco Bilbao Vizcaya Argentaria (BBVA), which owns 49.85% share in Garanti BBVA, launched a voluntary takeover bid for the rest of the stakes in the bank. The pers hare price of Garanti BBVA surged by 9.92% to TRY 11.63 and saw the highest level since February 13, 2020, following the BBVA’s statement. According to analysts, strong acquisitions were also observed in equities of other banks and holdings yesterday, while the optimism in the stock exchange may continue today as well.
TRY also breaks new records, but in an adverse manner. USD/TRY reached two-digit figures and exceeded 10.00, the psychological level as defined by the finance world. USD/TRY broke another record at 10.13 this morning. Gold, meanwhile, also surpassed TRY 600 per gram.
In the light of these developments the Central Bank’s Monetary Policy Committee (PPK) will convene on November 18, Thursday. There is a division of opinion between economists. Some analysts say the PPK won’t reduce the interest rate while others estimate the Central Bank will lower the policy rate due to USD 1.6bn current account surplus in September.
DAILY AGENDA
The seasonally adjusted unemployment rate fell by 0.4 points to 11.7% in the third quarter, compared to the previous quarter, according to the Turkish Statistical Institute (TurkStat). The number of unemployed people aged 15 and over dropped by 57,000 to 3.8 million in the same period
Private sector’s outstanding loans received from abroad decreased by USD 1.4bn to USD 171.6bn in September, compared to the end of 2020, according to the Central Bank.
The Minister of Energy and Natural Resources Fatih Donmez will attend the introductory meeting of the Turkey Mining Sector Development Report (11.30 am).
The Central Bank will release the Residential Property Price Index (RPPI) for September (2.30 pm). The RPPI surged by 33.4% on annual basis and 3.9% on a monthly basis in August.
The Parliament’s Planning and Budget Commission will discuss the 2022 budget of the National Defense Ministry.
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Founded by the Turkish Armed Forces Foundation (TSKGV), the energy company Aspilsan has started to build a manufacturing plant to produce cylindrical battery cells. Ahmet Altinay, R&D Manager of Aspilsan, told daily DUNYA about the company’s operations.
