Turkey Wake-up call: Macro, Political and Equity News, 2nd February
BIST climbed 0.61% yesterday as Turkish stocks only partially joined the upbeat sentiment in most global bourses as some profit taking in the afternoon trimmed some of the earlier gains in the BIST100 index. Banks gained 0.23% on average amid some weakness in AKBNK. TOASO, TKFEN, DOAS, SISE, EKGYO, KOZAL, VESBE, and AGHOL led the non-bank gainers for the day while ENJSA, PGSUS, TCELL, AKSEN, OYAKC, and ENKAI were among the fewer decliners in the BIST100 universe. Coming to this morning, our local macro agenda is muted while on the political front, President Erdogan will address the general assembly of TUGIK business confederation at 2PM local time. We anticipate a slight positive open for the BIST on persistent optimism in global markets. U.S. futures are up c.0.6% in early trades on top of the 1.1-1.3% overnight gains after we left and Asian equity indices are all trading in the green. Lira remains stable with the USDTRY pair cruising around the 13.40 level.
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