Turkey Wake-up call: Macro, Political and Equity News, 15th November
BIST climbed 0.83% on Friday, extending its latest winning streak to the eighth consecutive day. Banks gained 0.63% on average in partial recovery of Thursday's retreat as ISCTR outshined its peers while GARAN and the two state lenders were weak. FROTO, DOAS, SOKM, TTRAK, VESBE, OTKAR, MGROS, and PGSUS topped the non-bank gainers of the day during which TUPRS, AEFES, MPARK, TAVHL, YATAS, and ARDYZ stood out among the fewer decliners in the BIST100 universe. Coming to start of the new week, our local macro agenda involves TurkStat's residential sales data for October’21 due at 10AM local time. Home sales had climbed 7.6% yoy to 147k units in September despite the 16.4% drop in mortgage-backed transactions. Separately, October'21 central government budget numbers will be released at 11AM. We foresee a slightly positive open for the BIST as slight gains in global bourses may be balanced out by the ongoing pressure on lira that slipped to double-digit territory vs the greenback (USDTRY at around the 10.04 level vs 9.9582 at yesterday's closing bell). S&P futures are up a few points in early trades while Asian indices outside of China are mostly trading in the green.
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