Trump's win in US presidential race supports Turkish stocks

ENKA Insaat ve Sanayi AS

06/11/2024 16:02

(Updates stock level, adds analyst comment on company stocks)
    ** Turkish stocks strengthened on Monday after Republican
Donald Trump won the U.S. presidential election
    ** Turkish benchmark BIST 100 index  .XU100  closed up 2.83%
by 1500 GMT, scoring its best day since May 
    ** Yakup Toktamış from Trive Yatırım said the positive
market reaction reflects investors' expectation of Trump pushing
for peace negotiations in the Middle East, easing geopolitical
tensions in the region
    ** The optimism led to gains in sectors such as
construction, energy, food, and transportation, and particularly
reflected in stocks like Enka Insaat  ENKAI.IS  and Anadolu Efes
 AEFES.IS , which closed 8.77% and 9.96%, respectively, Toktamıs
adds
    ** Yusuf Doğan, Head of Global Markets Research at Info
Yatırım notes that Trump's win bodes well for Enka and brewer
Anadolu Efes, which operate in Russia, as they could benefit if
Trump delivers on promise to swiftly end Russia-Ukraine war
   ** He adds that if Trump's plans to end the war quickly
succeeds, the group's sales growth may rise, particularly in
Russia and surrounding markets, amid declining volumes in Turkey
and Pakistan
        **  "The VIX, a key measure of market volatility,
dropped by over 30%, signalling relief in the markets following
the election outcome," Dogan adds
  
        
  

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))