Turkey Wake-up call: Macro, Political and Equity News, 30th March
BIST climbed 1.57% yesterday amid optimism for progress on Russia-Ukraine truce talks that took place in Istanbul. Most of the gains were recorded in the afternoon on reports of some progress in certain items as the BIST100 index tested a 2,220 peak before paring back some of its daily gains. Banks fell behind with the 0.89% gain in their sector index as GARAN lagged peers. Aviation stocks, AEFES, TKFEN, SISE, PETKM, KCHOL, KARSN, ISGYO, and NTHOL topped the non-bank gainers while EREGL, Koza Group names, OYAKC, ODAS, HEKTS, TKNSA, and AKSA stood out among the fewer decliners in the BIST100 universe. Today, we have a muted local macro and political agenda and eyes will again be on news related to the war in Ukraine. We anticipate an uptick start for the BIST given the prevailing optimism in global equity markets. U.S. futures are down a few points in early trades but holding onto bulk of the 0.3-0.6% overnight gains in main indices after we left while Asian bourses outside of Japan are almost all trading in the green.
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