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Turkey: Eyes will be on OPEC meeting

  • The market was quiet yesterday with US and UK markets closed
  • In May, despite the strong 1Q results, the performance of shares was not strong
  • So unless foreign investors return to the market, stock selective trading will continue

The market was quiet yesterday where US and UK markets are closed. BIST 100 Index closed May with a 1.6% increase. In May, despite the strong 1Q results, the performance of shares was not strong. The main reason is the lack of trigger in the market and also deteriorating expectations in inflation and macro outlook. So unless foreign investors will be back in the market, stock selective trading will continue. 1Q21 growth was out yesterday which was strong but has a base effect from last year.

This week we have important economic releases including May inflation numbers on June,3rd. Eyes will be on the OPEC meeting. The rise in oil prices which is supported by the opening in economies is signaling a positive opening in the market.

Macro news:

Tax discount on TL deposits extended for 2 months.

Company news:

ATPTP: will start trading in BIST on June, 4th

Weekly Agenda:

June 3: May inflation number ATA exp: CPI 1.44% m/m, cons: 1.5%

June 4: May REER (prior 62.29)

June 4: Moody's Turkey Rating Decision


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