Turkey Wake-up call: Macro, Political and Equity News, 2nd March
BIST jumped 3.81% yesterday as Turkish stocks staged a strong comeback from their recent slump along with the better sentiment in global markets. BIST100 index opened slightly higher and continued its ascent almost uninterruptedly for the whole day to close at its daily peak. Banks gained 3.81% on average, bang in line with the broader market. KCHOL, SISE, KRDMD, YATAS, TAVHL, automotive stocks led by FROTO and OTKAR, KOZAL, INDES, AGHOL, HEKTS, and YATAS led the gainers while PGSUS and SASA were the only two decliners in the BIST100 space. Coming to this morning, our local macro agenda is muted. BIST seems off to a slight negative start given the softer mood in peer markets following a warning by the China banking regulator about bubbles in overseas markets. U.S. futures are down 0.4% in early trades and Asian indices are mostly trading in the red. Lira is also paring back some of yesterday's gains with the USDTRY pair at 7.30 levels vs 7.2505 at yesterday's closing bell.
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