Turkey Wake-up call: Macro, Political and Equity News, 14th October
BIST slipped 0.31% yesterday in tandem with the pullback in global markets and the slide in lira did not help the local sentiment either. After some initial strength and testing of 1,182 level, index turned south and spent the bulk of the day in the negative territory. Banks lost 0.56% on average. There were some pockets of strength like REITs, cement stocks, and beverage producers along with NTHOL, TMSN, KORDS, ALKIM and MAVI while SISE, ULKER, PETKM, TUPRS, aviation stocks, and Koza Group names were among the weakest non-banks. Today, we have a muted local macro agenda while we foresee a downtick open for the BIST given the ongoing softness in global equities and pressure on lira (USDTRY at 7.9295 vs 7.9212 at yesterday'a closing bell). U.S. futures are up 0.2% in reversal of their overnight losses after we left and Asian markets are almost all trading in the red.
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