Turkey Wake-up call: Macro, Political and Equity News, 8th August
BIST added 0.98% on Friday in its third consecutive day of winning streak and carried its weekly gains to 6.10%. Turkish stocks led by banks (that gained 4.09% on average) managed to shrug off the retreat in global peers after the strong U.S. payrolls data. EKGYO, THYAO, MAVI, TOASO, SAHOL, NTHOL, GWIND, AGHOL, and CIMSA topped the non-bank gainers for the day while SISE, KRDMD, SNGYO, CEMTS, KARSN, ODAS, AKSA, and Koza Group names were some of the weaker spots among the BIST100 constituents. Coming to this morning, our local macro agenda is muted apart from the Treasury's reissue of 5-year fixed-rate bonds in its single auction. The Treasury will hold 3 more auctions/placements tomorrow and on Wednesday ahead of this week's colossal TL56.92bn in cumulative domestic redemptions. We foresee a sideways open with a positive bias for the BIST as last week's global market optimism seems to have fizzled out. U.S. futures are flattish while Asian bourses present a mixed picture.
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