Turkey Wake-up call: Macro, Political and Equity News, 24th November
BIST added 1.66% yesterday in a move purely driven by key commodity names/FX-earners while the banking sector index took a 3.11% plunge amid the meltdown in lira. The day was a roller-coaster ride for the benchmark BIST100 index that moved in a wide range between 1,746 and 1,792. Steelmakers, TUPRS, SISE, THYAO, ENKAI, AKSEN, TOASO, MPARK, and VESBE topped the gainers while AKBNK, GARAN, SAHOL, TRGYO, MAVI, CCOLA, ODAS, and GOZDE stood out among the weakest names in the BIST100 universe. Today, our local macro agenda involves November'21 Manufacturing Capacity Utilization Rate (CUR stood at 78.0% in October'21 and was 75.8% back in November'20) and Real Sector Confidence index (that was at an 8-month low of 109.6 in October'21 and had stood at 103.9 back in November'20) that are both to be released at 10AM local time. We predict a flat open for the BIST given the less supportive mood abroad and the persistent weakness in lira (USDTRY above the 12.87 level vs 12.7541 at yesterday's closing bell) while reminding the stark differences in the performances of industrial vs financial stocks during bouts of lira volatility. S&P futures are down 0.2% in early trades and major Asian markets are mostly trading in the red.
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