Turkey Wake-up call: Macro, Political and Equity News, 17th August
BIST climbed 1.96% yesterday after getting whipsawed in the afternoon on reports of Turkey's purchase of a new batch of S400 air defense systems from Russia. Banks again spearheaded the move with the 3.67% gain in their sector index amid strength in GARAN, TSKB, and SKBNK. THYAO, KCHOL, PGSUS, TUPRS, AEFES, PETKM, DOAS, and MGROS topped the non-bank gainers in the BIST10 space while ENKAI, ASELS, TCELL, AGHOL, ODAS, AYDEM and LOGOstood out among the weak spots. Coming to this morning, our local macro and political agenda are muted. We anticipate an uptick start for the BIST given prevailing positive sentiment in global markets as well as yesterday's momentum in various Turkish blue-chip names. U.S. futures are up a few points in early trades on top of the 0.4-0.5% overnight increases after we left and Asian bourses are mostly trading in the green.
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