Turkey Wake-up call: Macro, Political and Equity News, 5th November

BIST added 1.47% in the third consecutive day of gains as the global optimism following the American elections prevailed. BIST100 opened slightly higher at around its intraday low and gradually climbed to 1,171 in the afternoon before closing near the daily peak. Banks visibly underperformed following Wednesday's jump and lost 0.46% on average. It was the strength in non-banks like EREGL, FROTO, CCOLA, PGSUS, SOKM, OTKAR, TTRAK, DOAS, EGEEN, VESTL, KRDMD, CIMSA, and AYGAZ that drove the market higher while TCELL, KOZAL, KOZAA, and GOODY were among the rare decliners. Today, we have a muted macro agenda apart from the weekly Central Bank stats and eyes will be on abroad again for a sense of direction. We therefore predict a higher start for the BIST given continued positive sentiment among international peers with the S&P futures up 0.9% and Asian indices all trading in the green. On a less supportive note, lira remains wobbly with the USDTRY cruising around 8.47 mark vs 8.4573 at yesterday's closing bell.