Turkey Wake-up call: Macro, Political and Equity News, 14th March
BIST added 0.58% on Friday after an entirely positive day for the index, carrying its weekly gains to 3.17%. Banks climbed 0.62% on average with AKBNK and TSKB outperforming peers. TCELL, FROTO, SISE, SAHOL, aviation stocks, ALARK, ALKIM, and MAVI led the non-bank gainers while Koza Group names, KRDMD, EREGL, TRGYO, HEKTS, and ULKER stood out among the weaker spots in the BIST100 universe. Coming to this morning, our local macro agenda is muted while on the political front, President Erdogan will host German chancellor Olaf Scholz in Ankara starting at 4PM local time and before that, he is scheduled to speak at an event for celebrating the Health Employees' Day at 2PM. We predict a flattish start for the BIST given mixed signals from global markets. U.S. futures are up over 0.6% in early trades in partial reversal of the 1.1-1.5% overnight losses after we left while Asian bourses are cruising in different directions.
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