Turkey Wake-up call: Macro, Political and Equity News, 25th March
BIST climbed 2.65% yesterday as Turkish stocks tried to lick their wounds after Monday's plunge. After an indecisive open, BIST100 index started to gain traction after 11AM and continued its ascent to 1,422 peak at a little past 4PM. There was some profit taking till the close, but the bulk of the gains were maintained. Banks gained 2.27% on average despite continued pressure on GARAN. THYAO, EREGL, SISE, ARCLK, TUPRS, KRDMD, SAHOL, PETKM, TOASO, VESTL, and TTRAK led the long list of gainers while KCHOL and DOHOL were the only two decliners in the BIST100 universe. Today, our local macro agenda involves summary minutes of the latest Monetary Policy Council meeting to be released at 2PM local time. BIST seems headed for a slight negative start given the 1.1-1.3% overnight losses in U.S. indices after the hour we left as well as some slide in lira (USDTRY at 7.9325 vs 7.8906 at yesterday's closing bell). U.S. futures are up a few points in early trades and Asian equity markets present a mixed picture.
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