Turkey Wake-up call: Macro, Political and Equity News, 31st March
BIST added 1.07% yesterday after a day totally spent in the positive territory. Banks played some catch up with the 1.58% gain in their sector index as ISCTR and YKBNK caught some bids despite the weakness in heavyweight GARAN. KCHOL, BIMAS, SAHOL, TTKOM, ENJSA, ASELS, PGSUS, ALKIM, ISGYO, and MAVI topped the non-bank gainers in the BIST100 space while ENKAI, KRDMD, PETKM, CCOLA, TTRAK, KARSN, AYDEM, and BRISA were some of the fewer decliners for the day. Today, our local macro agenda involves February'22 Foreign Trade numbers due at 10AM local time. Bloomberg consensus for monthly deficit at USD8.10bn vs preliminary data released earlier by the Ministry of Customs & Trade that are indicating a USD8.10bn (+71.2% yoy) trade gap for the month (Exports USD20.00bn (+25.4% yoy) // Imports USD28.10bn (+45.6% yoy)). We anticipate an uptick start for the BIST as the decline in crude oil prices is supporting U.S. futures in early trades while Asian stocks present a mixed picture.
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