Turkey Wake-up call: Macro, Political and Equity News, 28th September
BIST added 0.41% on Friday, carrying its weekly gains to 1.10%. After a positive start, benchmark BIST100 tested the 1,135 level in early trades before taking a step back after midday. Some profit taking in the afternoon trimmed part of the earlier gains and led to a close near the day low. Banks gained 0.93% on average and outperformed for the third day in a row. Sisecam Group names, TTKOM, DOAS, TATGD, AGHOL, ISMEN, and GOZDE topped the non-bank gainers while TCELL, EREGL, ENKAI, ALARK, FROTO, SELEC, and AKCNS stood out among weaker spots. Today, our local macro agenda is pretty muted and eyes will be on the intensifying military clashes between Azerbaijan and Armenia as a geopolitical risk given Turkey's kinship with the former. BIST is off to a higher open given the upbeat mood among global peers. U.S. futures are up 0.6% in early trades on top of the 1.2-1.3% overnight gains after we left on Friday and Asian markets are almost all trading in the green. Lira is a bit weaker though with the USDTRY pair at 7.6850 vs 7.6646 at Friday's closing bell.
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