Turkey Wake up call: Macro, Political and Equity News, 30th June
BIST climbed 1.02% yesterday amid the positive mood in peer markets and a fresh appetite for Turkish banking stocks. After an indecisive open, BIST100 started an ascent from 11:15AM onwards, gradually climbing to 115.2k levels where it took a breather and gaining further traction in the afternoon. Banks led the charge with the 3.68% gain in their sector index. KCHOL, ASELS, ARCLK, AKGRT, GUBRF, AKSEN, KOZAA, KRDMD, and AGHOL topped the non-bank gainers while BIMAS, PETKM, ULKER, TTRAK, TKFEN, FROTO, and DOAS were among the rare decliners for the day. Coming to the last day of the quarter, our macro agenda involves May'20 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD3.40bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD3.44bn (+104.2% yoy) trade gap for the month (Exports USD9.96bn (-40.9% yoy) // Imports USD13.41bn (-27.7% yoy)). Another positive open is in the cards for the BIST given the buoyant mood among global peers this morning. U.S. futures are up 0.2% in early trades on top of the 0.7-0.8% overnight increases after the time left and Asian bourses are all trading in the green despite increased U.S.-China tensions on Hong Kong.
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