Turkey Wake-up call: Macro, Political and Equity News, 15th April
BIST resumed its recent up trend with its 0.61% gain yesterday after taking a breather on Wednesday. Banks were also flexing their muscles amid a 1.89% ascent in their sector index, following two days of profit-taking. EKGYO, AKBNK, TOASO, TSKB, GENIL, GOZDE, KORDS, and ULKER topped the long list of gainers within the BIST100 universe while KCHOL, Koza Group stocks, ISGYO, KARSN, AKSA, and SOKM stood out among rare decliners for the day. Today, TurkStat will release the residential sales data for March’22 at 10AM local time. Home sales had climbed 20.1% yoy to 98k units in February on the back of 35.6% jump in mortgage-backed transactions as consumers sought wealth protection in real estate amid currency volatility. Separately, March'22 central government budget numbers are due at 11AM. BIST seems off to a slight negative start given the sour sentiment in global markets this morning while local flows and dynamics will take center stage in absence of most foreign participants due to the Easter holidays. U.S. markets had overnight losses of 0.7-0.9% after we left and Asian bourses are mostly trading in the red.
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