Turkey Wake-up call: Macro, Political and Equity News, 19th October
BIST climbed 1.04% on Friday on continued optimism about Turkey's Black Sea gas find, carrying its weekly gains to 2.32% After an uptick start, BIST100 index climbed to 1,190 levels where it spent the bulk of the morning hours. Afternoon trading saw a pullback to 1,183 followed by another wave of buying that carried the benchmark to 1,193 by the close. Banks led the charge with the 2.72% jump in their sector index with the biggest gains booked by the second-tier names led by TSKB. SAHOL, CCOLA, DOAS, GUBRF, NETAS, MAVI, and AKSA topped the non-bank gainers while PETKM, MPARK, MGROS, BRISA, ECILC, and DEVA were among the weaker spots. Today, our local macro agenda is pretty muted and the highlight of the week will be the MPC meeting on Thursday. We foresee an uptick open for the BIST given better sentiment abroad on rekindled hopes for a stimulus package agreement in the U.S. while the pullback in lira (USDTRY at 7.9217 vs 7.8969 at Friday's close) may create some headwinds. U.S. futures are up 0.7% in early trades in reversal of the c.0.6% overnight losses after the hour we left on Friday and Asian indices are mostly trading in the green.
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