Turkey Wake-up call: Macro, Political and Equity News, 27th May
BIST climbed 1.35% yesterday as Turkish stocks were buoyed by the upbeat sentiment in global markets, especially in afternoon trading. Banks fell visibly behind as their sector index retreated 0.01% for the day amid weakness in the two state lenders and GARAN. ARCLK, THYAO, TCELL, grocery chains, DOHOL, and Koza Group names topped the non-bank gainers while SISE, TOASO, OYAKC, and REIT stocks were among the few weak spots in the BIST100 universe. Today, our local macro agenda involves Moody's scheduled review of Turkey's sovereign rating for which any related announcements are expected to be released after markets close. 10 out of the 11 local economists surveyed by Foreks predict Moody's to affirm its B2 rating (five notches below the investment-grade and also one notch below those set by major rival agencies S&P and Fitch) and the Negative outlook while one participant anticipates a one-notch downgrade to B3. BIST seems off to an uptick open as the supportive mood abroad is still prevailing. U.S. futures are down a few points in early trades while Asian bourses are almost all trading in the green.
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