Turkey Wake up call: Macro, Political and Equity News, 8th April
This analysis by GLOBAL Securities is presented to you by Raiffeisen Centrobank AG. Raiffeisen Centrobank AG acts solely as a distributor of this analysis and has not introduced any material changes to the content of this analysis or any recommendation included herein.Wake – up call
BIST added 0.34% yesterday in the fourth consecutive day of gains along with the rebound in global peers. Index opened gap higher around the 93.2k mark and gradually climbed to 94.8k in late afternoon. But a correction in the last hour shed 2,700 points from the headline and erased bulk of its daily gains. Banking index was up 0.03% as the gains in YKBNK and GARAN were balanced out by the weakness in VAKBN and ISCTR. Aviation stocks, TUPRS, AYGAZ, ASELS, OTKAR, and ARCLK topped the non-financial gainers while ENJSA, TKFEN, ENKAI, MGROS, and SOKM were among the weakest names. Today, our local macro agenda is muted and traders will be eyeing global peers for a sense of direction. We accordingly anticipate a slight negative open for the BIST given some 1.7% overnight losses in U.S. indices from the hour we left while noting the 1% increase in S&P futures in early trades this morning. Lira is also a tad weaker with USDTRY parity at 6.7761 vs 6.7666 at yesterday's closing bell. Asian equities present a totally mixed picture.
Macro and Political News:
(=) Treasury sold TL6.2bn worth of bond today... Through its two tenders held today, Turkish Treasury sold TL6.2bn worth of bonds with average quarterly compound rate of 2.62%.
(=) Treasury issued its first CPI-linker rent certificate... According to the statement from the Treasury Ministry, the first CPI-linker rent certificate tender has been held on April 7th and the Treasury sold TL1.47bn worth of rent certificate.
(=/+) Albayrak made statement regarding the ongoing economic support... The Treasury and Finance Minister Albayrak made statement regarding the economic support on combatting covid-19. Albayrak said that the treasury will help 4.4mn households paying TL1,000 cash support. Also the Treasury will start paying core requirement support to 3.7mn people (having
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