Turkey Wake up call: Macro, Political and Equity News, 12h August
BIST jumped 3.21% in its 3rd consecutive day of gains yesterday as the positive sentiment in global markets on hopes of a vaccine for the coronavirus lifted everyone's boats. Index had a small positive open that marked the lowest point of the day and started an ascent that continued till the close apart from a brief retreat around noontime. Recently-lagging banks spearheaded the market this time, gaining 6.48% on average. Aviation stocks, TTRAK, FROTO, SISE, AEFES, EKGYO, and KCHOL led the non-bank gainers while Koza Group stocks, ENKAI, and AYGAZ were among the handful of decliners in the broad-based rally. Today, our macro agenda is muted and eyes will be on peers and lira for a sense of direction. We predict a negative open for the BIST given the sharp overnight downturn in American markets and the ensuing weakness in Asian indices this morning. U.S. futures are up a few points in early trades but we note the 1.2-1.5% overnight losses after the hour we closed. Lira may provide a silver-lining with the USDTRY pair at 7.2224 vs 7.2558 at yesterday's closing bell.
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