Turkey Wake-up call: Macro, Political and Equity News, 29th December
BIST added 0.93% yesterday to a new all-time-high close in a move that was underpinned by the strength in lira. After an uptick open that marked the lowest point of the day, BIST100 index gradually climbed to 1,443 in early afternoon and the rest of the day saw mostly sideways trading. Banks lagged with the 0.34% gain in their sector index. SAHOL, TUPRS, KRDMD, OTKAR, GUBRF, HEKTS, and AKSA topped the gainers for the day while THYAO, PGSUS, SELEC, DOHOL, KOZAA, AKCNS, and TAVHL stood out among the shorter list of decliners. Today, our local macro agenda showcases BRSA's banking industry aggregates for November'20 due at 2PM local time. Cumulative industry profits stood at TL5.26bn in November'19 and at TL3.75bn in October'20. BIST seems off to a slight positive open given the upbeat mood in global markets on U.S. pandemic relief package. U.S. futures are up almost 0.5% in early trades and Asian indices are mostly trading in the green.
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