Turkey Wake-up call: Macro, Political and Equity News, 31st May, Global Securities
BIST added 0.50% on Friday, trimming its cumulative weekly loss to 2.05%. It was mostly a day of two halves as weakness in morning hours gave way to a rebound in the afternoon, along with some recovery in lira. Banks fell slightly behind with the 0.37% gain in their sector index with HALKB leading and ISCTR lagging peers. BIMAS, SAHOL, KCHOL, TOASO, EREGL, and TTKOM topped the non-bank gainers for the day while Koza Group stocks, VESTL, CCOLA, ULKER, ENJSA, INDES, MPARK, and OTKAR were among the weak spots. Coming to the start of the new week, our local macro agenda highlight will be the 1Q21 GDP numbers due at 10AM local time. Bloomberg survey puts 1Q21 growth at +6.3% yoy and +1.3% on a seasonality and workday-adjusted basis QoQ. We predict a flattish start for the BIST given lack of visible triggers in either direction. Lira is barely changed with USDTRY parity floating around 8.57 level. U.S. futures are up a few points while Asian markets present a mixed picture.
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