Turkey Wake-up call: Macro, Political and Equity News, 5th August
BIST added 0.35% yesterday, going up for the sixth day in a row. The BIST100 index opened on an uptick and gradually climbed to 1,422 level until mid-day, followed by some profit taking that trimmed a good part of its daily gains. Banks led by GARAN climbed 1.18% on average, outperforming the headline index for the fourth day running. TOASO, TTRAK, OTKAR, OYAKC, LOGO, KORDS, AKSEN, and TKFEN topped the non-bank gainers for the day while BIMAS, ASELS, PGSUS, GLYHO, KARSN, and ALARK were some of the fewer weak spots. Coming to this morning, our local macro agenda involves BRSA's banking industry aggregates for June'21 due at 2PM local time. Cumulative industry profits stood at TL3.40bn in June'20 and at TL4.03bn in May'21. We foresee a downtick open for the BIST given the slide in lira (USDTRY at 8.51 levels vs 8.4722 at yesterday's closing bell) and a softer mood abroad following comments from a FED official that the central bank is on course to taper stimulus support. U.S. futures are at the same levels compared to when we left while Asian markets present a mixed picture
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