Turkey Wake-up call: Macro, Political and Equity News, 2nd March
BIST climbed 1.22% yesterday after a day totally spent in positive territory, shrugging off the afternoon weakness in European/American peers. Banks outperformed with the 2.12% increase in their sector index with GARAN spearheading the move while the two state lenders fell behind. ASELS, EREGL, KRDMD, Koza Group names, ISGYO, NTHOL, and GOZDE topped the non-bank gainers while aviation stocks, AEFES, FROTO, TOASO, TCELL, SISE, and AYDEM were among the weak spots in the BIST100 universe. Coming to this morning, our local macro agenda is mostly muted and eyes will again be on the developments in Ukraine. We foresee a slight negative open for the BIST as the surge in commodity prices is taking a toll on risk assets. U.S. futures are up 0.4% in early trades in partial reversal of the 1.0-1.1% overnight losses after we left and Asian equity indices are mostly trading in the red as they catch up with yesterday's losses in the western hemisphere. Lira is a tad weaker with the USDTRY around the 13.96 mark vs 13.9378 at yesterday's closing bell.
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