Turkey Wake-up call: Macro, Political and Equity News, 25th November
BIST ended up with a 0.51% gain after a day of ups and downs. Index opened higher and climbed to 1,334 levels in early going but weakness in lira weighed on the sentiment after noontime. Rest of the day saw BIST100 zig-zagging around the no-change mark, but the closing coincided with an upswing. Banks gained 0.60% on average with YKBNK and TSKB outperforming against HALKB and GARAN lagging. PETKM, TUPRS, ENJSA, TKFEN, MAVI, OTKAR, and aviation stocks led the non-bank gainers while SAHOL, GUBRF, DOAS, ULKER, KOZAA, HEKTS, and DEVA were among the weak spots. Today, we have a muted local macro agenda and eyes will be on lira and global markets for a sense of direction. We anticipate a sideways start for the BIST amid mixed signals on these fronts. S&P futures are flat, but holding onto 0.3-0.7% overnight gains in main indices after we left, while Asian markets present a mixed picture. Lira is weaker with the USDTRY floating above the 8.00 mark vs 7.9525 at yesterday's closing bell.
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