Turkey Wake-up call: Macro, Political and Equity News, 21st April
BIST retreated another 0.87% yesterday in continued lacklustre trading. Early attempts in the benchmark BIST100 to go higher quickly ended at 1,386 levels before turning south and spent most of the day in the negative territory along with the weakness across European markets. Banks fared better with a 0.95% climb in their index as private lenders caught some bids while the two state lenders closed lower. ARCLK, ALARK, TRGYO, BRISA, CCOLA, and AEFES were some of the fewer gainers in the BIST100 space while BIMAS, THYAO, PGSUS, TAVHL, GUBRF, AKSEN, ODAS, SELEC, TTRAK, and SOKM led the decliners. Today, our local macro agenda is muted while the political agenda involves President Erdogan's speech at his party group meeting in the Parliament starting at 12PM local time. We foresee a slight negative start for the BIST given global concerns on rising virus cases. U.S. futures are down c.0.2% and Asian indices are almost all trading in the red while lira is a tad weaker with USDTRY pair above the 8.12 mark (vs 8.1149 at yesterday's closing bell). Please note that Turkish markets will be closed on Friday, 23-April in observance of a national holiday and accordingly, today’s trades in the BIST will settle on Monday, 26-April.
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