Turkey Wake-up call: Macro, Political and Equity News, 8th February
BIST lost 0.50% on Friday as a late-afternoon sell-off erased earlier gains and some more, but the index still managed to pocket a 3.65% increase for the whole week. BIST100 index opened gap higher around the 1,545 mark and spent most of the day in a tight band around this level before starting to see some signs of weakness just before 5PM. Selling pressure intensified in the last 20 minutes, pushing the index to a negative close despite strong daily gains for lira. Banks lost 1.15% on average amid pressure on YKBNK and GARAN. Koza Group names, PGSUS, SOKM, AKSEN, VESTL, GSDHO, and ISGYO topped the gainers while ECILC, HEKTS, OTKAR, DOAS, MAVI, DOHOL, and FROTO were among the weaker non-banks. Coming to start of the new week, our local macro agenda is muted. We anticipate a positive open for the BIST on continued optimism in global markets. U.S. futures are up over 0.4% in early trades and equity markets are almost all trading in the green.
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