Turkey Wake-up call: Macro, Political and Equity News, 27th January
BIST retreated 0.27% yesterday after a day mostly spent in the negative territory. After a downtick start, BIST100 index dipped at 1,517 levels at 10:30AM before staging a rebound. It was mostly sideways trading around the no-change line after noontime, only to close the day with a small loss. Banks fell 0.20% on average with AKBNK and VAKBN leading vs YKBNK and ISCTR declining. BIMAS, DOHOL, ISDMR, EKGYO, VESTL, AKSA, and HEKTS led the gainers while PETKM, TUPRS, ARCLK, AEFES, OTKAR, ENJSA, TAVHL, BAGFS, CIMSA, ALKIM, and DEVA were among the longer list of decliners in the BIST100 space. Today, our local macro agenda is totally muted and eyes will again turn to global markets for a sense of direction. Things are looking mixed for international peers this morning with the U.S. futures trading a few points lower while Asian markets are cruising in different directions, so we call for a flattish open for the BIST. Lira is paring back some of yesterday's gains with the USDTRY pair at 7.36 levels vs 7.3467 at yesterday's closing bell.
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