Turkey Wake-up call: Macro, Political and Equity News, 16th May
BIST climbed 1.18% on Friday in a move spearheaded by the strength in some key industrials, trimming weekly losses in the index to 1.61%. Banks were visibly weaker with the 0.25% retreat in their sector index amid pressure on all key names except for tender-call-supported GARAN. TUPRS, PETKM, EREGL, KOZAL, CCOLA, AKSEN, HEKTS, INDES, GSDHO, GLYHO, and DOHOL topped the non-bank gainers for the day while ARCLK, FROTO, DOAS, TOASO, BIMAS, KRDMD, and TCELL stood out among the few decliners in the BIST100 universe. Coming to this morning, our local macro agenda involves March'22 Balance of Payments data due at 10AM local time. Bloomberg survey puts the monthly CA deficit at USD5.70bn vs the USD3.34bn deficit recorded for the same month of 2021. Separately, April'22 central government budget numbers will be revealed at 11AM. We foresee a downtick open for the BIST given the softer sentiment abroad on weak Chinese economic data this morning. U.S. futures are down about 0.5% while Asian equity indices present a mixed picture. Lira is weaker with the USDTRY pair approaching the 15.50 mark vs 15.4670 at Friday's closing bell.
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