Turkey Wake-up call: Macro, Political and Equity News, 14th January
BIST added another 0.31% yesterday, extending its winning streak to the 9th consecutive day. After a downtick open, BIST100 index quickly turned north and spent most of the day in positive territory. Banks underperformed with the 0.30% loss for their sector index. FROTO, THYAO, ARCLK, CCOLA, TTRAK, ALARK, AKSEN, and ISGYO led the gainers in the BIST100 universe while BIMAS, TCELL, Koza Group stocks, SOKM, HEKTS, YATAS, and ENJSA were among the weak spots. Today, our local macro agenda showcases TurkStat's residential sales data for December’21 due at 10AM local time. Home sales had jumped 59.0% yoy to 179k units in November on the back of 61.0% surge in mortgage-backed transactions as consumers sought wealth protection in real estate amid currency rout. Separately, CBT's monthly expectations survey will also be revealed at 10AM. BIST seems off to a downtick start given the sour sentiment in global equity markets. U.S. futures are up a few points in early trades in only marginal recovery of the 0.8-1.6% overnight losses after we left and Asian stock indices are almost all trading in the red.
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