Turkey Wake up call: Macro, Political and Equity News, 28th August
BIST added 0.90% yesterday after a day totally spent in the positive territory as the lira found stability in the 7.30-7.40 range. Banks fared better with an average 1.44% gain with ISCTR and HALKB outperforming. Energy stocks, Koza Group names, GUBRF, TTRAK, TUPRS, PETKM, VESTL, SASA, and EGEEN led the non-bank gainers while Sisecam group stocks, BIMAS, ENKAI, and BRISA were among the rare decliners for the day. Today, our local macro agenda involves TurkStat's July’20 Economic Confidence Index due at 10AM local time. The index had jumped 11.8% on a sequential basis to a 4-month high of 82.2 in July in the third consecutive month of recovery after touching its all-time low of 51.3 in April during the peak of the virus pandemic concerns. We anticipate a slight positive start for the BIST amid some early gains in lira (USDTRY at 7.3472 vs 7.3692) at yesterday's closing bell. U.S. futures are up 0.1% in partial recovery of the c.0.4% overnight losses from the time we left. Asian equities are mostly trading in the green except for losses in Japan.
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