Turkey Wake-up call: Macro, Political and Equity News, 29th January
BIST climbed 2.14% yesterday in partial recovery of Wednesday's sharp losses. After a downtick start and dipping at 1,430 levels in early trades, BIST started a gradual ascent back to the no-change line. The rebound found stronger traction after 4:30PM, increasing to a close at daily high. Banking sector index was up 2.02% as GARAN and AKBNK outperformed while YKBNK and the two state lenders fell behind. OTKAR, GUBRF, HEKTS, TAVHL, PGSUS, KRDMD, TUPRS, FROTO, MPARK, KORDS, and ALARK led the long list of non-bank gainers while SAHOL, TTKOM, BIMAS, and ODAS were among the handful of decliners in the BIST100 space. Today, our local macro agenda includes the Ministry of Tourism's tourist arrival numbers for December'20 at 11AM local time. Foreign tourist arrivals had plunged 61.9% yoy to 0.83mn in November, bringing the cumulative YtD arrivals to 12.03mn visitors, down 72.0% from the corresponding period of 2019. A negative open seems to be in the cards for the BIST as the sentiment abroad has swung back to pessimism. U.S. futures are down almost 1.2% in early trades and Asian equity indices are almost all trading in the red.
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