Newsletters
Turkish state-run lender Halkbank’s shares opened the Monday session with a 10% maximum rise on Borsa Istanbul, representing the largest single-day gain since March, ahead of a key meeting between President Recep Tayyip Erdogan and U.S. President Donald Trump in Washington, D.C.
The bank’s shares have extended their strong upward trend since the start of the year, recording one of the highest yields among banking stocks listed on Türkiye’s stock exchange, at over 76%.
Investor interest in Halkbank shares mainly appeared to be linked with the bank’s appeal in the ongoing U.S. sanctions case. Local brokerage firm Destek Yatirim featured Halkbank shares with a buy recommendation, pointing to the upcoming Erdogan-Trump meeting.
"We expect the meeting between U.S. President Trump and President Erdogan on September 25 to bring the Halkbank case, which is expected to be concluded in October, as well as developments regarding the F-35 sales process, onto the agenda," it said.
The firm also added that Türkiye’s benchmark stock index, the Borsa Istanbul 100 Index (BIST 100), was expected to reach a new all-time high on Monday, noting that the index could break its record level of 11,605.
Türkiye’s benchmark Borsa Istanbul 100 Index (BIST 100) also opened the session with a gain of more than 2%, reaching 11,533 points and moving closer to the record level set in August.
Since the rally began on Sept. 15, the index has advanced more than 11%.
Banking shares led the advance, with the banking sector index up 3.03%. The holdings index rose 1.3%, while the financial leasing and factoring index was the only sector to decline, falling 1.12%.
Analysts noted that resistance levels for the BIST 100 stand at 11,600 and 11,700 points, while support is expected at 11,500 and 11,400.
Shares of Türkiye’s major automotive producers also advanced after the government introduced new tariffs on imported passenger cars. Ford Otosan, a joint venture between Koc Holding and Ford, rose 4%, while Tofas, another Koc Holding automotive subsidiary, gained 2.5%.
The new regulations impose additional duties of 25% to 30%—or between $6,000 and $8,500 per vehicle—on passenger cars imported from countries outside the European Union and those without free trade agreements with Türkiye. Authorities said the measure, set to take effect within 60 days, aims to protect the share of locally produced vehicles in the domestic market.
1 min read
3 min read
