Yesterday ISE was under the selling pressure due to the 2% loss of the Dow Jones Index but the market managed to close the day over 40,000 critical support level. ISE traded within the 40,600- 39,900 band during the day with limited trading activity while the poor performance of the banks caused the index to test 39,882 intra-day low level. Market slightly recovered at the close and ended the day at 40,097 level by loosing 1.46%. In the lack of fresh newsflow, market is likely to mimic the foreign indicies and trade within the 40,000-40,600 band with low trading volume. Breaching over 40,600 requires the support of the global bourses and further cash entrance while the US "Durabla Goods Orders" data to be announced at 15:30 local time stands as the event of the day. On the economy side investors will be awating for the release of the Foreign trade data for July and August inflation figures to be announced next week. In the bond market morning quotations stand at 18.80% compared to the yesterday’s close at 18.86% and the currency is slightly stronger at 1.1880.
In the news,
Foreign Ministry released a statement expressing concern over Georgia’s territorial integrity. Statement said that Turkey attaches importance to the independence, sovereignty and territorial integrity of Georgia and is highly concerned about the recent developments. Statement said that Turkey is of the opinion that this conflict should be resolved through peaceful means.
Central Bank (CBRT) released the summary of the Monetary Policy Committee meeting that took place on August 14th in which policy rates were preserved. In its new careful-hawkish tone, CBRT reiterates its expectation for a gradual decline in inflation to the end of the year.
