Turkey Wake-up call: Macro, Political and Equity News, 2nd November
BIST added 0.94% yesterday in the tenth consecutive day of its winning streak as the strength in banks propped up the broader market after some weakness in early trades. Banking index jumped 2.26% in its third day of visible outperformance as the heavyweights again caught some institutional bids. BIMAS, FROTO, AEFES, HEKTS, TKFEN, ALARK, and REITs topped the non-bank gainers while TUPRS, ENKAI, SISE, AKSEN, SASA, DOAS, KORDS, and LOGO were some of the fewer decliners among BIST100 constituents. Today, we have a muted local macro agenda and eyes will be on the lira as well as the continuation of institutional flows in banks for a sense of direction. We predict a downtick start for the BIST given the less supportive mood abroad and the retreat in lira (USDTRY around the 9.55 mark vs 9.5287 at yesterday's closing bell) in early trades. U.S. futures are down c.0.2% while Asian markets present a mixed picture.
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