Turkey Wake-up call: Macro, Political and Equity News, 19th November
BIST added another 1.75% yesterday after a day of excessive volatility following the Central Bank decision to cut the policy rate by another 100bps. Stocks seemed to be striving to catch up with the USDTRY that touched new highs. Banks outperformed with the 3.04% jump in their sector index with YKBNK and ISCTR leading peers. SISE, EREGL, OTKAR, KORDS, ARCLK, ASELS, and ENKAI topped the non-bank gainers while EKGYO, TUPRS, MAVI, ODAS, AEFES, GLYHO, and YATAS were some of the few decliners. Coming to the last day of the week, our local macro agenda is totally muted and eyes will again be on lira for a sense of direction. We duly anticipate a slight positive open for the BIST as lira is a tad weaker (USDTRY around the 11.09 mark vs 11.0185 at yesterday's closing bell) along with the more supportive sentiment in global equities. S&P futures are up almost 0.4% and Asian benchmarks are mostly trading in the green.
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