Turkey Wake-up call: Macro, Political and Equity News, 2nd December
BIST jumped 3.25% yesterday in reversal of Monday's losses as institutional buyers stepped back in. Benchmark BIST100 opened slightly higher on the back of the supportive sentiment abroad. After some pull-back, the index turned north again after 11AM and continued its ascent to close at its daily peak. Banks staged a comeback with the 4.31% gain in their sector index as GARAN and AKBNK caught some decent bids. Aviation stocks, SAHOL, FROTO, ASELS, AEFES, KCHOL, SELEC, OTKAR, and DOAS led the non-bank outperformers while retailers, foodstuff producers, and healthcare stocks were in retreat after their strong gains on Tuesday. Coming to this morning, we have a muted local macro agenda ahead of us. BIST seems off to a flattish start on mixed signals from international peers. U.S. futures are down c.0.3% in early trades while Asian indices are moving in different paths. Lira is a bit stronger vs the dollar, but this seems mostly attributable to the global weakness of the greenback.
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