Turkey Wake-up call: Macro, Political and Equity News, 9th December, Global Securities
BIST added 0.75% yesterday after a day entirely spent in the positive territory amid strong inflows to steelmakers led by EREGL. After an uptick start that marked the lowest point of the day, BIST100 climbed to 1,348 level around noontime, followed by range bound trading for the rest of the day. Banks again underperformed with the 0.28% gain in their sector index. The unusual limit up in EREGL following two Tier-1 broker upgrades contributed 85% of the 10-point daily gain in the BIST100 index. SISE, TTKOM, SAHOL, TOASO, SELEC, ISMDR, and KRDMD were among other gainers while PETKM, FROTO, BIMAS, GUBRF, and MAVI topped the laggards. Coming to this morning, our local macro agenda is muted. We foresee a slight positive open for the BIST given the upbeat sentiment abroad and small gains in lira (USDTRY at 7.8190 vs 7.8252 at yesterday's closing bell). U.S. futures are up 0.2% in early trades on top of their c.0.5% overnight gains after we left and Asian markets are almost all trading in the green.
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