Turkey Wake-up call: Macro, Political and Equity News, 23rd November
BIST added another 0.83% on Friday, carrying its weekly gains to 2.53%. BIST100 index opened on an uptick and spent the entire day in the positive territory as optimism prevailed following the MPC policy rate decision on Thursday. Banks were in profit taking mood and retreated 0.24% on average. Aviation stocks, Koza Group names, GUBRF, SISE, CCOLA, TOASO, TTRAK, and EGEEN led the non-bank gainers while KRDMD, PETKM, TUPRS, MPARK, AKSEN, GOODY, BRISA, and YATAS were among the rare decliners. Coming to start of the new week, our local macro agenda involves Ministry of Tourism's tourist arrival numbers for October'20 at 11AM local time. Despite the continued sequential recovery, foreign tourist arrivals had still plunged 59.4% yoy to 2.20mn in September, bringing the cumulative YtD arrivals to 9.49mn visitors, down 74.0% from the corresponding period of 2019. We predict an uptick start for the BIST given the better mood abroad on hopes of a vaccine and small gains in lira (USDTRY at 7.6550 levels vs 7.6723 at Friday's closing bell). S&P futures are up almost 0.3% in early trades and Asian indices are all trading in the green except for small losses in Japanese benchmarks.
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