Turkey Wake-up call: Macro, Political and Equity News, 27th October
BIST took a 3.88% dive yesterday as the slide in lira and the sour sentiment in peer markets weighed heavily on Turkish equities. Index had a downtick open that marked the highest point of the day. Benchmark BIST100 found some support around the 1,170 mark until around 3PM when a new round of selling shed another 25 points until the close. Banks lost 4.23% on average in continued underperformance since the MPC rate decision last Thursday. TSKB, FROTO, ENKAI, and pharma/healthcare stocks were among the rare gainers in the BIST100 space while SISE, aviation stocks, EKGYO, PETKM, TTKOM, ASELS, AEFES, TKFEN, MAVI, OYAKC, ODAS, EGEEN, and AGHOL topped the laggards. Coming to this morning, our local macro agenda is totally muted. We anticipate a cautious uptick open for the BIST given small gains in U.S. futures that are up 0.2% in early trades and stability in lira (USDTRY flat just below the 8.09 level) after yesterday's rout.
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