opt m sm n nternat onal relat ons w th major players l ke the U.S. and EU, the h gh cost of the short pos t on n TRY after the CBRT’s nterest rate ncrease and l qu d ty steps, and the fact that a s gn f cant port on of nvestor concerns have been left beh nd, half of the September-October per od - cr t cal for the ref nanc ng of fore gn currency borrow ng – have ra sed hopes of more d rect nvestments, espec ally from Qatar, Ch na and the EU.
Borsa Istanbul’s h ghest close n 4 months
On the back of the mprov ng l ra, the stock ndex exceeded 100,000 for the f rst t me n four months. Analysts say that desp te the U.S. Federal Reserve’s nterest rate h ke, TRY assets have followed a pos t ve course n parallel w th the exchange rate mprovement.
On the other hand, bonds also jumped after the nat on’s second-largest l sted lender (Akbank) ref nanced a matur ng fore gn-currency loan, temper ng concern that th s year’s exchange-rate rout w ll fuel a debt cr s s. Th s also fueled opt m sm that the deal opens the way for other banks to ref nance l ab l t es com ng due by year-end.