Turkey Wake-up call: Macro, Political and Equity News, 19th April
BIST closed almost unchanged on Friday after a day of ups and downs around the no-change line and ended up 1.07% for the entire week. Banks underperformed with the 1.32% loss in their sector index after two days of strong gains. EREGL, FROTO, EKGYO, TTRAK, TKFEN, SELEC, INDES, and KORDS topped the non-bank gainers while THYAO, KCHOL, KRDMD, VESTL, ODAS, ARCLK, PGSUS, and TRGYO were among the weak spots in an overall balanced market. Coming to the start of the new week, our local macro agenda is muted apart from Treasury's reissues of 2-year fixed-rate bonds and 4-year CPI-linkers in double domestic borrowing auctions. Will hold three more auctions tomorrow ahead of this week's hefty TL22.21bn redemption. We project a flattish open with a positive bias for the BIST given the generally supportive mood in Asian markets. Lira is barely changed with USDTRY pair at 8.0750 mark while S&P futures are down a few points.
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