Turkey Wake-up call: Macro, Political and Equity News, 11th November
BIST added 0.93% yesterday on the seventh consecutive day of gains and closed at a record high level of 1,243. BIST100 opened lower yesterday as the global markets seemed to be in profit taking mode, but quickly reversed its losses and gained further traction after 2PM. Banks again took the lead with the 3.67% gain in their sector index as institutional investors seemed to return to the scene as buyers. Aviation stocks, KRDMD, EREGL, KCHOL, PETKM, TUPRS, DOAS, ISMEN, DEVA, MPARK, and MAVI topped the non-bank gainers for the day while TCELL (following the 5% stake placement by IMTIS), ENKAI, FROTO, ULKER, BIMAS, KOZAL, OYAKC, TTRAK, and ALCTL were among the weakest names. Coming to this morning, our local macro agenda showcases the September'20 Balance of Payments data due at 10AM local time. Bloomberg survey puts the monthly CA deficit at USD2.63bn vs the USD2.83bn surplus recorded for the same month of 2019. BIST seems off to an uptick start given the recent momentum in key banking names and the stability in lira (USDTRY around the 8.15 mark, in line with yesterday's closing levels). U.S. futures are up a few points while Asian markets are mixed.
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