Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-10-21
Borsa Istanbul’s BIST 100 index faced significant volatility this week, closing down 1.87% on October 21 after a brief rally, while Argentina’s new MSCI Merval debut was marred by a spike in country risk to 675 points. Pakistan’s KSE-100 saw a positive close with a 779-point gain, and Israel’s TA-35 index remained relatively flat as the shekel hit a six-month high against the dollar.
Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-10-21
Top developments
BIST 100 closes down 1.87% amid selling pressure
On October 21, 2026, the Borsa Istanbul BIST 100 index closed down 1.87%, losing 220.58 points to finish at 11,430 points. The index had started the day at 11,733.26 points, reflecting a 0.55% drop from the previous day's 3.22% gain. Local media noted that banking and holding stocks led the losses, with investors reacting to global risk factors and upcoming economic data.
Argentina’s MSCI Merval debut sees risk spike to 675 points
Argentina’s financial markets experienced turbulence as the new MSCI Merval index replaced the S&P Merval on October 19, 2026. The country risk indicator (riesgo país) surged by 27 points to reach 675, marking a high for the year, while Argentine stocks fell by up to 3%. By October 21, there was a slight recovery with the MSCI Merval rising 0.5% and sovereign bonds gaining 0.8%, though the risk indicator remained elevated.
Pakistan KSE-100 gains 779 points
In a positive turn for frontier markets, the Pakistan Stock Exchange (PSX) KSE-100 index closed 779 points higher at 165,930 points on October 20, 2026. Urdu-language media reported that the trading session ended with a strong positive trend, contrasting with the volatility seen in Turkish and Argentine markets.
Israel TA-35 flat as shekel hits six-month high
The Tel Aviv Stock Exchange (TASE) TA-35 index ended the October 15 session down 0.1%, with semiconductor stocks declining while the real estate index rose 1.8%. The Israeli shekel strengthened significantly, with the official dollar rate set at 3.1 shekels, marking a six-month high for the local currency.
Local view
Turkish financial outlets like ParaAnaliz highlighted that brokerage firms are closely monitoring support and resistance levels for the BIST 100 following the recent volatility, with attention shifting to the Central Bank of the Republic of Turkey (TCMB) and potential MSCI-related risks. In Argentina, El Cronista noted that despite the initial drop in the MSCI Merval debut, the market is in "alert mode" regarding local debt, though there was a rebound in bonds on October 21.
Context & numbers
- BIST 100: Closed at 11,430 points on Oct 21, down 1.87%.
- Pakistan KSE-100: Closed at 165,930 points on Oct 20, up 779 points.
- Argentina Risk Country: Spiked to 675 points on Oct 19, then eased to 674 points on Oct 21.
- Israel Shekel: Official rate at 3.1 ILS/USD on Oct 15, a six-month high.
On the radar
- TCMB Policy: Investors are awaiting the next Central Bank of Turkey statement, with rates held at 37% in previous meetings due to inflation concerns.
- Argentina Dollar: The retail dollar in Argentina reached a new nominal high of $1,545 at the Banco Nación on October 20.
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