Turkey Wake-up call: Macro, Political and Equity News, 25th April
BIST took a 3.30% dive on Friday as the weakness in global markets took its toll on Turkish stocks that have been rather resilient lately. After spending most of the day in slight negative territory, benchmark BIST100 index fell off a cliff after 5PM, triggering circuit-breakers in various names, and closed near its daily bottom. Banks lost 3.65% on average with particular pressure on recent outperformers like HALKB and YKBNK. PGSUS, AKSEN, and ODAS stood out among the handful of gainers in the BIST100 space while PETKM, EREGL, KRDMD, TOASO, KCHOL, TCELL, ASELS, VESTL, TTRAK, and Koza Group names led the non-bank decliners. Coming to this morning, our local macro agenda involves April'22 Manufacturing Capacity Utilization Rate (CUR stood at 77.3% in March'22 and was 75.9% back in April'21) and Real Sector Confidence Index (was at 108.5 in March'22 and had stood at 111.0 back in April'21) both to be released at 10AM local time. We anticipate a slightly positive open for the BIST as the revised GARAN tender call price may help the broader market cushion the strong headwinds from the sour mood in global markets. U.S. futures are down c.0.8% in early trades on top of the 1.0-1.4% overnight losses after we left on Friday and Asian bourses are all trading in the red.
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