Turkey Wake-up call: Macro, Political and Equity News, 2nd June
BIST climbed 0.81% yesterday on global market optimism along with selective inflows to Turkish blue-chips. After an uptick open and lackluster trading in morning hours, BIST100 index gained traction after 3PM to close near the day highs. Banks outperformed with the 1.84% gain in their sector index with YKBNK and ISCTR leading the pack. SAHOL, KCHOL, AKSEN, KORDS, MAVI, and TKFEN topped the non-bank gainers while CCOLA, ODAS, ISMEN, BRISA, MPARK, YATAS, ULKER, and TTRAK were some of the weak spots. Our local macro agenda for today involves Central Bank's videoconference meetings with local and international investors at 2PM and 4:30PM, respectively. This will be the second such meeting with investors following appointment of the new governor Sahap Kavcioglu who had underlined the need for a tight monetary policy regime to support lira and to tackle the inflation in the first meeting back on 01-April. BIST seems off to a slight negative open given the visible slide in lira (USDTRY at 8.62 levels vs 8.5173 at yesterday's closing bell, but off the new all-time of 8.80 in overnight trades). U.S. futures are almost unchanged while Asian equities present a mixed picture.
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