Turkey Wake-up call: Macro, Political and Equity News, 5th August
BIST added another 1.46% yesterday in continuation of its recent rally as the index gained traction after a cautious uptick open. Banks led by ISCTR visibly outperformed for the second consecutive day with the 3.82% jump in their sector index. KOZAL, HEKTS, ULKER, AEFES, CEMTS, GSDHO, GWIND, KARSN, SOKM, and KORDS topped the non-bank gainers while TUPRS, ECILC, ISGYO, TRGYO, AGHOL, and OTKAR were some of the rare decliners among the BIST100 constituents. Today, our local macro agenda showcases Treasury's cash budget balance for July'22 to be disclosed at 5:30PM local time. We will also keep an eye on President Erdogan's visit to Sochi/Russia to meet with his Russian counterpart Putin. BIST seems headed for another uptick start given the prevailing supportive sentiment abroad. U.S. futures are up c.0.25% in early trades and Asian bourses are almost all trading with slight daily gains.
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