Turkey Wake-up call: Macro, Political and Equity News, 29th December
BIST snapped its 3-day winning streak with a 2.46% drop yesterday as the weakness in banking stocks mouldered the broader market in late afternoon. Banks lost 5.02% on average amid some weakness in lira and the Central Bank decision to charge commissions on banks' required reserves on FX deposits. KOZAL, AKSEN, AYGAZ, OYAKC, ISGYO, and SELEC led the handful of gainers among BIST100 constituents while TTKOM, TKFEN, KRDMD, TOASO, FROTO, ASELS, AGHOL, AKCNS, and MPARK topped the non-bank decliners. Today, our local macro agenda involves BRSA's banking industry aggregates for November'21 due at 2PM local time. Cumulative industry profits stood at TL7.30bn in November'20 and at TL9.15bn in October'21. BIST seems off to a sideways open given the recovery efforts in global equities this morning. U.S. futures are up a few points in partial reversal of their 0.2-0.3% overnight losses after we left and Asian bourses are mixed. Lira is weaker in early trades with the USDTRY pair cruising around the 12.00 mark vs 11.8521 at yesterday's closing bell.
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