Turkey Wake-up call: Macro, Political and Equity News, 7th May
BIST added 0.54% yesterday after spending the entire day in positive ground. Benchmark BIST100 floated in a tight 1,423-1,426 range during the first half of the day before gaining some momentum to climb to 1,434 in the afternoon following the MPC decision. But half of its intraday gains were reversed in the last hour of the session in profit taking. Banks fared better with the 1.01% gain in their sector index with heavyweight GARAN outperforming. KRDMD, EREGL, KOZAL, PETKM, AKSEN, PGSUS, and ISMEN stood out among non-bank gainers while ARCLK, VESTL, TOASO, ENJSA, MGROS, and OTKAR topped the laggards. Coming to this morning, our local macro agenda showcases Treasury's cash budget balance for April'21 to be disclosed at 5:30PM local time. BIST seems off to a positive start given the upbeat sentiment in global markets. S&P futures are up a few points in early trades on top of the 0.9-1.1% overnight gains in main U.S. indices after we left and Asian markets are mostly trading higher for the day.
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