Turkey Wake-up call: Macro, Political and Equity News, 27th May
BIST climbed 1.92% yesterday in partial recovery from Tuesday afternoon's abrupt sell-off. Benchmark BIST100 opened higher and spent almost all of the day in positive territory, closing at its daily peak. Banks led the move with the 3.06% jump in their sector index with particular strength in GARAN and AKBNK. EREGL, KRDMD, PETKM, TCELL, TAVHL, VESTL, ODAS, and INDES topped the long list of non-bank gainers while DOHOL, MPARK, DEVA, KOZAA, and CCOLA were among the handful decliners. Today, we have a muted local macro agenda and eyes will be on lira and global markets for a sense of direction. We foresee a slight negative open given some slide in the lira (USDTRY at 8.46 level vs 8.4428 at yesterday's closing bell) and the waning optimism in global equity markets. S&P futures are down 0.2% in early trades while Asian indices are trading mixed with smallish changes for the day.
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