Turkey Wake-up call: Macro, Political and Equity News, 29th November
BIST took a 2.35% dive on Friday as the sour mood in international markets on new coronavirus variant concerns weighed heavily on Turkish stocks. However, benchmark BIST100 still managed to pocket a 2.25% cumulative gain for the week. Banks were weaker with the 3.40% drop in their sector index as the two state lenders underperformed peers. Pharma/healthcare names, grocery chains, LOGO, HEKTS, ISMDR, and AKCNS led the gainers while aviation stocks, TUPRS, KCHOL, GLYHO, GOZDE, KARSN, ODAS, AYGAZ, and AEFES stood out among the weakest non-banks. Today, our local macro agenda involves October'21 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD1.50bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD1.46bn (-39.0% yoy) trade gap for the month (Exports USD20.81bn (+20.2% yoy) // Imports USD22.27bn (+13.0% yoy)). Separately, BRSA will release the banking industry aggregates for October'21 at 2PM. Cumulative industry profits stood at TL3.56bn in October'20 and at TL8.48bn in September'21. We anticipate a slight positive open for the BIST as the U.S. and European futures indicate a rebound from Friday's slump while lira continues its weakness (USDTRY above the 12.65 mark in early trades vs 12.4220 at Friday's closing bell) may create some headwinds. S&P futures are up c.0.7% while Asian markets are mostly trading in the red.
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