Turkey Wake-up call: Macro, Political and Equity News, 29th September
BIST lost 0.57% yesterday as the sour mood in global equity markets weighed on Turkish stocks alike. Benchmark BIST100 index spent almost all of the day in negative territory as its early attempts to go up failed. Banks declined 0.76% on average. Aviation stocks, ISGYO, INDES, KRVGD, KOZAA, IPEKE, and AEFES led the fewer names that bucked the selling pressure while SAHOL, BIMAS, SISE, KORDS, TRGYO, AKSA, and TKNSA were among the weakest of non-banks. Coming to this morning, our local macro agenda showcases BRSA's banking industry aggregates for August'21 due at 2PM local time. Cumulative industry profits stood at TL3.97bn in August'20 and at TL6.40bn in July'21. Any announcements from President Erdogan's meeting with his Russian counterpart Putin in Sochi during today's one-day working visit will also be eyed. We foresee a sideways start for the BIST as the U.S. markets seem to be rebounding after yesterday's rout while Asian markets are mostly trading in the red as they play catch up with the losses in American/European peers. Lira is almost unchanged as the USDTRY pair is cruising around the 8.87 mark.
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