Turkey Wake-up call: Macro, Political and Equity News, 5th January
BIST added 1.92% yesterday as the strength in key industrial stocks made up for the weakness in banks that lost 0.55% on average. Some profit taking after 3:30PM erased earlier gains in the BIST100 index which managed to stage a comeback in the last hour of the session. Grocery chains led by MGROS and BIMAS as well as EREGL, KRDMD, aviation stocks, HEKTS, ASELS, ECILC, and TKNSA topped the long list of gainers among the BIST100 constituents while AEFES, NTHOL, ISMEN, AGHOL, ARDYZ, and GOZDE were some of the rare decliners. Coming to this morning, we have a muted local macro and political agenda. BIST seems off to a flattish start as the profit-taking mood abroad may sour the local momentum. Lira is a tad weaker with the USDTRY pair around the 13.45 mark vs 13.3597 at yesterday's closing bell.
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