Turkey Wake-up call: Macro, Political and Equity News, 29th March
BIST slipped 0.14% yesterday in the fourth consecutive day of minor losses as morning session gains were again reversed in afternoon trading. Banks lost 0.38% on average with YKBNK and AKBNK slightly underperforming peers while GARAN held up better. Aviation stocks, SOKM, ALARK, ODAS, GLYHO, MGROS, AEFES, and ECILC topped the non-bank gainers while TCELL, KCHOL, EREGL, TOASO, TURSG, BIMAS, and OYAKC stood out among the day's weaker spots. Coming to this morning, our local macro agenda showcases BRSA's banking industry aggregates for February'22 due at 2PM local time. Cumulative industry profits stood at TL4.95bn in February'21 and at TL20.09bn in January'22. We will also keep an eye on any announcements in Russia-Ukraine talks in Istanbul during the day. BIST seems headed for a slight positive open amid increasing hopes in global markets for a cease-fire in Ukraine. U.S. futures are up about 0.2% in early trades on top of 0.7-0.8% overnight gains after we left and Asian bourses are mostly trading in the green.
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