Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-09-12
The BIST 100 rebounded on Friday to close at 14,467 points, capping a strong weekly gain of 3.25% despite a mid-week dip following the Central Bank of Turkey's decision to hold rates at 37%. In Argentina, the S&P Merval surged 1.53% as energy stocks rallied with oil prices, while country risk hit a one-month low. Meanwhile, Pakistan's KSE-100 faced selling pressure due to Middle East tensions before recovering significantly in late-week trading.
Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-09-12
Top developments
BIST 100 rebounds after TCMB hold, ends week up 3.25%
The Borsa Istanbul 100 index (BIST 100) closed Friday at 14,467.25 points, gaining 0.51% for the day and recovering from a 0.77% drop on Thursday. The index ended the week with a cumulative gain of 3.25%, driven by positive sentiment despite the Central Bank of Turkey (TCMB) holding its policy rate steady at 37% for the fifth consecutive meeting on Thursday. The TCMB's decision to maintain rates was cited as a cautious stance amid rising oil prices, which initially pressured banking stocks but did not derail the broader market's weekly momentum.
Argentina’s Merval hits five-week high as country risk drops
Argentina’s S&P Merval index rose 1.53% to 3,157,852 points on September 10, reaching its highest level in five weeks, led by gains in YPF and other energy stocks. This rally coincided with a drop in Argentina’s country risk (EMBI+) to 485 basis points, the lowest level in a month, signaling improved investor confidence. Although the index dipped 1.9% on Friday, the overall weekly trend remained positive as the peso firmed slightly to around 1,513 per dollar.
PSX sees volatility: Middle East tensions trigger sell-off, then rebound
Pakistan’s stock market experienced significant volatility this week, with the KSE-100 index losing over 2,300 points early in the week amid selling pressure attributed to escalating tensions in the Middle East. The index briefly fell below the psychological level of 169,000 points before staging a sharp recovery on Thursday, gaining 1,646 points to close at 170,511. Local media highlighted that the initial sell-off was driven by risk-off sentiment, but domestic buying interest helped stabilize the benchmark index towards the end of the trading week.
Local view
Turkish financial outlet BorsaninGündemi reported that foreign investors were active buyers in specific BIST 100 stocks during the week, with İş Yatırım data showing targeted inflows into large-cap industrials and banks. In Pakistan, Daily Pakistan noted that the breach of the 169,000-point level on the KSE-100 triggered panic selling among retail investors, though institutional players absorbed the supply. Argentine outlet Infobae emphasized that the drop in country risk to under 490 basis points was a key driver for the Merval’s resilience against Wall Street’s volatility.
Context & numbers
- Turkey BIST 100: Closed Friday at 14,467.25 (+0.51%); Weekly gain +3.25%. Lira held near 48.49 against the USD.
- TCMB Policy Rate: Held at 37.00% for the fifth consecutive meeting.
- Argentina S&P Merval: Closed at 3,157,852 points on Sept 10 (+1.53%); Country Risk (EMBI+) at 485 bps.
- Pakistan KSE-100: Closed Thursday at 170,511 points (+1,646 points) after earlier weekly losses.
- Israel TA-35: No specific daily close figures available in fresh sources for this period.
On the radar
- TCMB Rate Cut Speculation: Analysts suggest conditions are "falling into place" for a potential rate cut in October following the hold in September.
- Argentina Inflation Data: Markets remain alert to upcoming August inflation figures, which could influence the Central Bank of Argentina’s next moves and peso stability.
- Oil Prices: Continued high oil prices (above $100/barrel mentioned in regional contexts) are impacting energy stocks in both Turkey and Argentina, creating sector-specific volatility.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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