Turkey Wake-up call: Macro, Political and Equity News, 4th February
BIST added 1.46% yesterday, extending its winning streak to the third day. Index opened slightly higher and stayed in the positive territory all day despite the higher-than-expected inflation reading. Market gained further traction after 4PM and closed at its daily high. Banks gained 3.47% on average as institutional buying in bellwether GARAN lifted the sector as a whole. KCHOL, SAHOL, TTKOM, KORDS, TTRAK, DEVA, and TURSG led the non-bank gainers while FROTO, DOAS, DOHOL, ARCLK, KRDMD, CCOLA, and LOGO were some of the fewer decliners in the BIST100 space. Today, our local macro agenda showcases Central Bank's January'21 real effective FX rate due at 2:30PM local time. The CPI-based index is expected to stage some recovery from the 62.34 mark for the previous month given ~2.0% appreciation of lira vs the currency basket as well as the 1.68% headline CPI print for January. BIST seems off to a slight negative start as the global stock markets are in profit taking mode. U.S. futures are down c.0.3% in early trades and Asian equity benchmarks are in full retreat after their 3-day rally.
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