Turkey Wake-up call: Macro, Political and Equity News, 20th May
BIST added 0.37% on Tuesday after a day totally spent in positive territory before yesterday's national holiday in Turkey. Index tested the 1,465 level a couple of times, but failed to hop above it and closed the day at its intraday bottom following the pullback in the last 30 minutes. Banks outperformed with the 1.10% gain in their sector index as GARAN and AKBNK took the lead. TTKOM, SISE, FROTO, KRDMD, MPARK, and Koza Group names topped the non-bank gainers while aviation stocks, PETKM, DOAS, ULKER, AKSA, and SELEC were among the weaker spots. Returning from our one-day break, our local macro agenda is quiet. BIST seems headed for a weak start as global risk appetite has been declining following Tuesday's FED minutes indicating possible internal debate on scaling back asset purchases in upcoming meetings. U.S. futures are down a few points on top of 1.0-1.2% declines in main American indices after we closed on Tuesday while Asian markets are trading mixed.
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