Turkey Wake-up call: Macro, Political and Equity News, 25th November
BIST climbed another 1.55% yesterday in a board-based move as the recovery in lira following Tuesday's plunge helped banks join the party after their recent pull-back. Benchmark BIST100 spent the entire day in positive ground despite some rounds of profit-taking. Banks gained 1.95% on average with the two state lenders leading peers. PGSUS, KCHOL, ASELS, SASA, HEKTS, GUBRF, TAVHL, SOKM, AEFES, ISMEN, and GLYHO topped the non-bank gainers while TUPRS, FROTO, DOHOL, MAVI, KORDS, KOZAA, INDES, and MPARK stood out among the fewer weak spots for the day. Today, our local macro agenda involves summary minutes of the latest Monetary Policy Council meeting to be released at 2PM local time. We anticipate a slight positive open for the BIST on the back of the stability in the lira (USDTRY at 11.96-97 range vs 12.1823 at yesterday's closing bell) and a supportive mood abroad. U.S. futures are up c.0.3% in early trades on top of 0.3-0.5% overnight gains after we left while Asian stock markets present a mixed picture.
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