Turkey Wake-up call: Macro, Political and Equity News, 23th November
BIST extended its recent rally with its 1.04% gain yesterday after a day entirely spent in positive ground and despite the weakness in key banking names that lost 0.54% on average. Strength in names like TOASO, FROTO, THYAO, ENKAI, ARCLK, AKSEN, LOGO, and DEVA supported the broader market while TCELL, SISE, KOZAL, TTKOM, MPARK, and TKFEN were some of the fewer non-bank decliners in the BIST100 space. Coming to this morning, our local macro agenda is quiet, apart from the Treasury's reissues of 2-year fixed-rate bonds and 7-year FRNs in double domestic borrowing actions, wrapping up this month's rather light borrowing programme. Domestic redemption is TL4.92bn for the week while the total for the month stands at TL11.08bn vs a domestic borrowing target of TL15.0bn while Treasury has raised TL8.10bn in the three auctions held so far. BIST seems off to a sideways open given the 0.8-1.2% overnight losses in main U.S. indices after the hour we left. S&P futures are flattish in early trades while Asian stock markets are mostly trading in the red.
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