Turkey Wake-up call: Macro, Political and Equity News, 18th May
BIST inched up 0.17% yesterday as the supportive sentiment abroad helped balance the weakness in banks and the slide in lira. Benchmark BIST100 index climbed above the 2,415 mark in late afternoon, but most of its gains had fizzled out by the close. Banking index was down 1.57% for the day amid pressure on lira and increase in Turkey's CDS rates. Grocery chains, SISE, TAVHL, PGSUS, CCOLA, TURSG, ARDYZ, and GLYHO topped the gainers in the BIST100 space while HALKB, VAKBN, OYAKC, TTKOM, BRISA, GENIL, ALKIM, KOZAA, and DEVA were among the weaker names. Today, our local macro agenda is quiet and on the political front, President Erdogan will address his party group meeting in the Parliament starting at 12PM local time. We predict a slight positive start for the BIST given 0.7-1.0% overnight gains in the U.S. markets after we left and Asian bourses mostly trading in the green this morning.
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