Turkey Wake-up call: Macro, Political and Equity News, 30th December
BIST added another 1.42% yesterday as the recent momentum prevailed along with the rebound in lira. Index opened slightly higher and spent a good part of the day around the 1,445 mark apart from a short lived pull-back around noontime. Market gained further traction after 5PM and climbed to close at a new high, just shy of the 1,460 mark. Banks partly joined the party with the 0.99% gain in their sector index as GARAN, YKBNK, and AKBNK caught some bids while the two state lenders underperformed. EREGL, SAHOL, KCHOL, BIMAS, ENJSA, TOASO, GUBRF, CLEBI, DOAS, and OTKAR led the non-bank gainers while pharma/healthcare stocks, VESTL, OYAKC, LOGO, TURSG, and TKFEN were among the weak spots. Today, we have a muted local macro agenda. BIST seems headed for a flattish open given mixed signals from abroad. U.S. futures are up c.0.4% in early trades in full reversal of their overnight losses after the hour we left and Asian indices are cruising in different directions. Please note today's trades in the BIST will settle on Monday, 04-January due to the new year's holiday on Friday.
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