Turkey Wake-up call: Macro, Political and Equity News, 17th November
BIST retreated 0.99% yesterday as profit-taking in the afternoon snapped the market's nine-day winning streak. Banking index was up 0.25% for the day, but this was almost entirely attributable to continued gains in GARAN while the two state lenders as well as second-tier names were visibly down for the day. MGROS, AKSEN, GUBRF, DOAS, AGHOL, GLYHO, SELEC, and KRVGD led the small group of non-bank gainers among the BIST100 constituents while EREGL, KRDMD, ENKAI, FROTO, KCHOL, MAVI, VESTL, DOHOL, TTRAK, and GOZDE topped the decliners. Today, our local macro agenda is muted and on the political front, President Erdogan will address his party group meeting in the Parliament starting at 12PM local time. We anticipate a downtick open for the BIST as the relentless slide in lira (USDTRY above the 10.40 mark vs 10.2767 at yesterday's closing bell) ahead of tomorrow's MPC meeting may weigh on the sentiment while the mood in global bourses also seems less conducive.
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