Turkey Wake-up call: Macro, Political and Equity News, 26th November, Global Securities

BIST added 0.38% yesterday on the back of strong gains in selective non-bank blue-chips while banks were weak despite the relative stability in lira. After testing the 1,833 peak in early going, BIST100 turned south and slipped to negative territory in late afternoon, but managed to hop back into a small positive close in the last 30 minutes of the session. Banks lost 1.30% on average amid weakness in YKBNK and AKBNK while the two state lenders managed to buck the selling pressure. TOASO, FROTO, TCELL, ENKAI, OTKAR, HEKTS, LOGO, ARDYZ, and GOZDE topped the non-bank gainers while PGSUS, PETKM, TAVHL, TUPRS, MAVI, and VESTL were some of the weak spots. Today, our local macro agenda is muted and eyes will be on the lira and global markets for a sense of direction. We duly foresee a negative start for the BIST as the new coronavirus strain is weighing in global bourses and lira is losing some ground in early trades (USDTRY cruising above the 12.15 mark vs 11.9435 at yesterday's closing bell). S&P futures are down almost 1% and Asian equity indices are all trading in the red.