Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-09-14
Turkey's central bank held its policy rate at 37% for the fifth consecutive meeting, citing oil price risks, while the BIST 100 ended the week up 3.25%. Pakistan's KSE-100 faced selling pressure from Middle East tensions but recovered to close above 170,000 points. Argentina's Merval fell 1.9% on Friday as country risk hit a one-month low of 485 basis points.
Turkey and Frontier Stocks: BIST 100, PSX, TASE, Merval — 2026-09-14
Top developments
Turkey: CBRT holds rates at 37%, BIST 100 gains 3.25% weekly
The Central Bank of the Republic of Türkiye (CBRT) kept its key policy rate unchanged at 37% for the fifth consecutive meeting on Thursday, September 10, citing elevated oil prices and inflation risks. Despite the hold, the BIST 100 index gained 3.25% over the week, closing on Friday, September 11, with a 0.51% rise. The banking index dipped during the announcement but recovered, while the lira remained stable near 48.49 against the dollar.
Pakistan: KSE-100 recovers from Middle East-driven selloff
Pakistan's stock market experienced two consecutive days of selling pressure due to heightened tensions in the Middle East, causing the KSE-100 index to drop below 169,000 points mid-week. However, the index rebounded strongly on Thursday, September 11, gaining 1,646 points to close at 170,511. This volatility highlights the sensitivity of Pakistani equities to regional geopolitical risks despite domestic economic stabilization efforts.
Argentina: Merval falls 1.9% as country risk hits one-month low
Argentina's S&P Merval index dropped 1.9% on Friday, September 11, reversing earlier gains driven by energy stocks. Despite the equity decline, the country's risk premium (EMBI) fell to 485 basis points, its lowest level in a month, reflecting improved bond market sentiment. The official dollar exchange rate settled at $1,508.50, with the Central Bank purchasing only $5 million in reserves.
Local view
In Turkey, local analysts note that foreign investors increased their net buying in BIST-listed stocks during the week, according to İş Yatırım's daily reports. The BorsaninGündemi outlet highlighted that while the BIST 100 closed positively, the pace of gains slowed compared to previous weeks, with market participants watching for the November MSCI review and SPK fund regulations. In Pakistan, Geo News Urdu emphasized that the initial panic selling was overdone, allowing value investors to accumulate shares in blue-chip companies once geopolitical fears stabilized.
Context & numbers
- BIST 100: Closed Friday at approximately 14,420 points (intraday high), ending the week up 3.25%. The lira traded near 48.49/USD.
- KSE-100: Closed Thursday at 170,511 points after a 1,646-point rally; had previously fallen below 169,000 due to regional tensions.
- S&P Merval: Fell 1.9% on Friday; Country Risk (EMBI) at 485 bps; Official Dollar at $1,508.50.
- Policy Rates: Turkey held at 37%.
On the radar
- MSCI Review: Market participants are monitoring the November MSCI classification review for Turkey, which could impact foreign capital flows.
- Inflation Data: Argentina awaits August inflation data, which will be critical for assessing the effectiveness of recent monetary policies.
- Oil Prices: Continued volatility in oil prices remains a key driver for both Turkish inflation expectations and Argentine energy stock performance.
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