Turkey Wake-up call: Macro, Political and Equity News, 28th September
BIST gained 0.51% yesterday in partial recovery of the previous two days' losses. After a positive start and testing of the 1,397 level around mid-day, BIST100 index yielded to selling pressure in the afternoon followed by a rebound in the last 1.5 hours. Banks outperformed with the 1.02% climb in their sector index as YKBNK and ISCTR outshined their peers. SAHOL, PGSUS, VESTL, PETKM, CCOLA, ARCLK, KOZAA, and DOAS topped the non-bank gainers while SOKM, AKSEN, ISGYO, ODAS, MGROS, and BIMAS were some of the weakest spots. Today, our local macro agenda is muted while Central Bank governor Sahap Kavcioglu is scheduled to speak at the Future of Finance Summit in Istanbul at 1:30PM local time. We anticipate a sideways start for the BIST given mixed signals from abroad. S&P futures are up a few points in early trades, but we note the c.0.25% overnight retreat in main U.S. indices after we left. Asian stock markets except for the Chinese bourses are mostly trading slightly lower. Lira is stable with the USDTRY pair floating in the 8.82-8.83 range.
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