Turkey Wake-up call: Macro, Political and Equity News, 9th November
BIST added another 1.58% yesterday, this time driven by the strong gains in key non-financial stocks. Banks gained 1.03% on average, faring slightly below the headline index after their visible outperformance lately. EREGL, KRDMD, BIMAS, MGROS, TOASO, AEFES, TAVHL, MPARK, GLYHO, and TTRAK topped the long list of gainers among the BIST100 constituents while KARSN, GUBRF, ULKER, AKSA, CIMSA, and DOHOL were some of the rare decliners. Today, our local macro agenda is quiet, apart from Treasury's reissues of 5-year fixed-rate bonds and 5-year TLREF-indexed bonds in double domestic auctions. Total redemption for this week stands at TL4.94bn while the Treasury has raised TL3.76bn in yesterday's auction. We anticipate a sideways open for the BIST given mixed signals from abroad and a flattish lira (USDTRY around the 9.7050 mark vs 9.7098 at yesterday's closing bell). S&P futures are down c.0.15% in early trades while Asian bourses are moving in different directions.
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