Turkey Wake-up call: Macro, Political and Equity News, 26th November
BIST climbed 0.34% to a new record close even though a good part of its earlier gains had fizzled out in afternoon trading. BIST100 index opened gap higher and gradually ascended to 1,342 soon after 3PM when some profit taking kicked in. Banks fared better with the 0.97% increase in their sector index. TUPRS, AEFES, aviation stocks, steelmakers, PNSUT, and SELEC topped the non-bank gainers while EKGYO, DOAS, ULKER, TTRAK, YATAS, BAGFS, and AKSA stood out among the weaker names. Despite the positive close, decliners in the BIST100 space outnumbered gainers 59 to 39. Coming to this morning, our local macro agenda only involves summary minutes of the latest Monetary Policy Council meeting to be released at 2PM local time. BIST seems off to an uptick start given some gains in lira (USDTRY at 7.95 levels vs 7.9809 at yesterday's closing bell) and continued strength in global equity markets. U.S. futures are up 0.2% in early trades and Asian equity benchmarks are mostly trading in the green.
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