Turkey Wake-up call: Macro, Political and Equity News, 05th November
BIST jumped another 1.85% as continued institutional flows and robust 3Q21 results continued to support the market. Benchmark BIST100 quickly climbed to 1,570 level after a cautious uptick open and gained further traction after 4PM to close near its daily peak. Banks slightly outperformed with the 2.01% gain in their sector index as ISCTR and YKBNK took the lead while GARAN fell behind peers this time. Aviation stocks led by THYAO, REITs, TCELL, PETKM, KOZAL, SOKM, KARSN, and DEVA spearheaded the non-bank gainers while EREGL, CCOLA, DOAS, FROTO, GOZDE, and ENJSA were some of the rare decliners in the BIST100 universe. Today, our local macro agenda is muted except for the Treasury's cash budget balance for October'21 to be disclosed at 5:30PM local time. BIST seems off to sideways start given mixed signals from abroad and the slight weakness in lira (USDTRY at 9.73-9.74 range vs 9.7124 at yesterday's closing bell). U.S. futures are almost unchanged while Asian equity benchmarks are mostly trading with slight losses.
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