Turkey Wake up call: Macro, Political and Equity News, 19th August
BIST climbed 0.58% yesterday as the gains in lira encouraged buyers in Turkish stocks that managed to buck the weakness in European markets. After an initial wobble, BIST100 turned north and spent most of the day in the positive territory although some of the gains were pared back in the last hour of trading. Spearheaded by GARAN again, the banking index was up 1.65%, outperforming the headline for the second consecutive day. KCHOL, ENKAI, TTKOM, ARCLK, SASA, GUSGR, and LOGO led the non-bank gainers while TUPRS, AEFES, SOKM, MGROS, MPARK, TTRAK, AYGAZ, and AKSA were among the weakest names. Today, our local macro agenda is mostly quiet and we anticipate a sideways open with a positive bias for the BIST. U.S. futures are up 0.3% in early trades while Asian benchmarks are moving in different directions. Lira is a tad weaker with the USDTRY parity cruising around 7.38 vs 7.3734 at yesterday's closing bell.
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