Turkey Wake-up call: Macro, Political and Equity News, 9th August
BIST gained 1.62% in its fourth consecutive day of decent gains, despite the profit taking in banks which lost 0.41% on average. Strength in heavyweights like EREGL, SAHOL, TCELL, BIMAS, FROTO, SASA, VESTL, MGROS, and Koza Group names lifted the market while DOAS, TOASO, EKGYO, HEKTS, TURSG, GOZDE, SNGYO, and CEMTS stood out among the fewer non-bank decliners. Today, Treasury will reissue 2-year fixed-rate bonds and 6-year FRNs in its double borrowing auctions and will separately hold a USD-denominated bond placement tomorrow ahead of this week's colossal TL56.92bn in cumulative domestic redemptions. On the political front, President Erdogan will attend the first sailing ceremony in the southern port city of Mersin for Turkey's new offshore drilling vessel at 12:30PM local time. We foresee a sideways open for the BIST amid the balanced outlook in global markets. U.S. futures are up c.0.2% in early trades in partial reversal of the 0.7-1.0% overnight losses after the time we left while Asian bourses present a mixed picture.
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