Turkey Wake-up call: Macro, Political and Equity News, 12th January
BIST added 0.04% yesterday, clinging onto its winning streak for the seventh consecutive day since the start of the new year. But it was a few names like KRDMD, EREGL, YKBNK, ALARK, CCOLA, DOAS, and SOKM that kept the market afloat as bulk of the market was in profit-taking mood amid decliners among the BIST100 constituents outnumbering gainers 74 to 22. Banks fared slightly better with the 0.37% increase in their sector index. Today, we have a muted local macro agenda and on the political front, President Erdogan will address his party group meeting in the Parliament starting at 12PM local time and will chair the meeting of the Defence Industry Execution Committee at 3PM. BIST seems off to a positive open given the supportive sentiment in global peers. Lira is a bit stronger with the USDTRY pair around the 13.76 mark vs 13.8501 at yesterday's closing bell.
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