Turkey Wake-up call: Macro, Political and Equity News, 8th February

BIST jumped 2.77% yesterday as stocks managed to stage a strong comeback in afternoon hours after some weakness in the morning. BIST100 index recovered 4.66% from its intraday low and closed at its daily peak as foreign investors seemed to return to the market after 2PM as eager buyers in key industrial names. Banks visibly lagged the broader market with the 0.44% meagre increase in their sector index. EREGL, KRDMD, THYAO, KCHOL, TUPRS, BIMAS, ARCLK, SISE, OTKAR, and GUBRF topped the long list of gainers while EKGYO, AGHOL, ARDYZ, BIOEN, and OYAKC stood out among the handful of decliners. Coming to this morning, our local macro agenda is mostly muted while we will keep an eye on potential newsflow related to Treasury & Finance Minister Nebati's investor meetings in London. We anticipate a sideways open for the BIST amid mixed signals from global peers. S&P futures are down a few points while Asian equity benchmarks outside of Japan are mostly trading in the red. Lira is a tad weaker as the USDTRY pair is just above the 13.61 level in early trades vs 13.5830 at yesterday's BIST closing.