Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-09-13
Turkey's central bank held its key policy rate at 37% for the fifth consecutive meeting, citing oil price risks, while the BIST 100 saw a volatile week ending with a 0.51% gain on Friday. In Argentina, country risk fell to a one-month low of 485 basis points despite a 1.9% drop in the Merval index on Friday. Pakistan's KSE-100 faced selling pressure due to Middle East tensions but rebounded significantly in the final session of the week.
Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-09-13
Top developments
TCMB holds rates at 37%, BIST 100 recovers late-week
The Central Bank of the Republic of Türkiye (TCMB) kept its key policy rate unchanged at 37% on September 10, marking the fifth consecutive hold since the January cut from 38%. The decision cited risks related to oil prices, prompting traders to take a cautious stance initially, with the banking index falling as much as 1.2% intraday. Despite Thursday’s close down 0.77% at 14,393.85 points, the BIST 100 recovered to finish Friday up 0.51% at 14,467.25 points.
Argentina’s country risk hits one-month low despite Merval drop
Argentina’s country risk premium, measured by the JP Morgan EMBI, fell to 485 basis points on Friday, its lowest level in a month, even as the S&P Merval index declined by 1.9%. The divergence suggests investors are increasingly optimistic about macroeconomic stabilization under the current administration, although equity valuations adjusted downward. The peso remained relatively stable, with the wholesale rate closing at $1,508.50 per dollar.
Pakistan KSE-100 rebounds after Middle East-driven selloff
The Pakistan Stock Exchange (PSX) experienced two consecutive days of selling pressure driven by rising geopolitical tensions in the Middle East, causing the KSE-100 index to drop below the 169,000-point mark. However, the market staged a strong recovery in the final trading session of the week, gaining 1,646 points to close at 170,511 points. This volatility highlights the sensitivity of frontier markets to regional security developments.
Local view
Turkish Media Focus on TCMB Guidance Local financial outlets such as Borsanın Gündemi reported that while the BIST 100 started Thursday positively, it reversed course to close down 0.77% as investors awaited the central bank’s guidance. Marbaş Menkul Değerler analysts noted that the TCMB’s interest rate decision and the accompanying statement would be the primary drivers for short-term pricing, with the 14,620 level identified as resistance and 14,200 as support. Additionally, reports highlighted that foreign investors executed a net sale of $647.6 million in equities during the previous week, though they bought $156.7 million in government bonds.
Urdu Outlets Highlight Geopolitical Impact Urdu-language media like Geo Urdu and Daily Pakistan emphasized that the "second day of selling" on the PSX was directly linked to "increasing tensions in the Middle East," which dampened investor sentiment before the late-week rally.
Context & numbers
- BIST 100: Closed Friday at 14,467.25 (+0.51%); Thursday close was 14,393.85 (-0.77%). Total trading volume on Thursday was 232.3 billion lira.
- TCMB Policy Rate: Held at 37% on September 10, 2026.
- Lira Exchange Rate: Hovered near 48.49 against the US dollar following the rate decision.
- Argentina Country Risk: 485 basis points (one-month low).
- KSE-100: Closed Friday at 170,511 points (+1,646 points).
On the radar
- Israeli Market (TA-35): While specific daily closes for the TA-35 were not detailed in the recent English-language summaries, local Hebrew media continues to monitor the index's performance against global tech trends and AI-related stock recommendations.
- Foreign Investor Flows: Monitor weekly foreign investor data for Borsa Istanbul; last week saw significant net sales in equities ($647.6 million) but net purchases in government debt securities (DİBS).
- Oil Prices: TCMB explicitly cited oil price risks in its rate hold decision, suggesting that energy price volatility remains a key variable for Turkish monetary policy and inflation expectations.
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