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Strategy Note

September 2023

Loss of momentum continues in BIST

The rally in Borsa Istanbul, which began in the 4400s at the end of May, ended with the test of the 8400s in mid-September, with an increase exceeding 90% in three and a half months. Although the valuations still offer return potential for the BIST 100 Index and many companies, after the 2Q23 financials and many important domestic / international agenda items (CBRT III Inflation Report, MTP, Jackson Hole Symposium, etc.) are left behind. We think that markets will experience a lack of catalysts in the short term. The main parameter to reboost stocks will be the 3Q23 financial results, which will kick-off in the third week of October, and the expectations that will be shared before these results. Despite the many topics to be followed in the coming agenda, we do not expect supporting items for BIST in the near term. In addition, main topics such as the contacts of the economic management with the representatives of global investment institutions, the continuation of the transition to rational ground, and the expectations that the long-term negative perspective of credit rating agencies may be reversed are still supportive for TL assets.

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