Turkey Wake-up call: Macro, Political and Equity News, 5th May
BIST lost 0.34% yesterday after failing to breach the 1,430 resistance. After an uptick open, BIST100 cruised mostly in positive territory until after 4:30PM when sellers took control as the sell-off in European indices took a toll on the local sentiment. Banks were weak with a 1.24% average drop. Strength in some key industrials like EREGL, KRDMD, and PETKM along with gains in HEKTS, MAVI, AKSEN, and ISMEN supported the broader market while FROTO, THYAO, ARCLK, KCHOL, and grocery chains topped the longer list of decliners. Today, our local macro agenda involves CBT's monthly expectations survey to be revealed at 10AM local time. We predict a slight positive start for the BIST given the 0.6-0.9% overnight rebound in main American indices after we left while the pressure on lira may create some headwinds (USDTRY approaching the 8.33 mark vs 8.3009 at yesterday's closing bell). U.S. futures are up a few points in early trades while Asian markets are mixed.
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