Turkey Wake up call: Macro, Political and Equity News, 2nd September
BIST added 0.61% yesterday after a late day rebound erased earlier gains. After a positive start, index turned south and tested its support at the 1,065 mark twice around mid-day. A gradual recovery followed and gained traction after 5PM, pushing the index to close at its daily high. Banks outperformed with the 1.86% gain in their sector index with ISCTR, HALKB, and YKBNK leading the pack. ASELS, SAHOL, ENKAI, Sisecam group names, foodstuff producers, and healthcare stocks topped the non-bank gainers while automotive companies, EREGL, GUBRF, GOZDE, and ODAS stood out among weak spots. Today, we have a muted local macro agenda and eyes will be on lira and peer markets for a sense of direction. Given the positive mood abroad, we anticipate a positive start for the BIST while the pullback in lira (USDTRY around 7.37 in early trades vs 7.3553 at yesterday's closing bell) may create some headwinds. U.S. futures are up 0.4% on top of 0.4-0.6% overnight gains after the hour we left and Asian markets are mostly trading in the green.
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