Turkey Wake-up call: Macro, Political and Equity News, 16th November
BIST jumped 3.91% yesterday as the BBVA decision to hold a voluntary call for all GARAN minority shareholders gave a boost to the banks and the broader market. The three major private banks followed GARAN's lead to close limit-up for the day and the banking index was up a whopping 9.74% for the day. SAHOL, KCHOL, ENKAI, ARCLK, ISDMR, GOZDE, OTKAR, EKGYO, and VESBE led the non-bank gainers while THYAO, TUPRS, DOAS, SOKM, and AYGAZ were some of the handful of decliners among BIST100 constituents. Coming to this morning, our local macro agenda is muted while we will keep an ear on Treasury & Finance Minister Lutfi Elvan's opening remarks at the Capital Markets Forum in Istanbul at 9AM local time. We predict a gap higher open for the BIST given the sizable buy orders left at limit-up prices in banks yesterday and the continued ascent in BIST30 futures in evening trading. Lira is again weaker with the USDTRY pair above 10.08 mark in early trades vs 10.0472 at yesterday's closing, but we observe that this has been a nuisance that Borsa Istanbul has totally ignored in its recent rally.
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