Turkey Wake-up call: Macro, Political and Equity News, 16th August
BIST edged up 0.22% on Friday after some ups and downs in a tight range, carrying its weekly gains to 0.90%. Banks were a bit weaker with the 0.29% loss for their sector index as VAKBN and YKBNK underperformed. SISE, TUPRS, KRDMD, TOASO, DOAS, AKSA, TTRAK, CIMSA, and TAVHL led the daily gainers while TCELL, TKFEN, MPARK, ULKER, and OTKAR were some of the weak spots for the day. Coming to the start of this new week, our local macro agenda involves July'21 central government budget numbers due 11AM local time. Separately, Treasury will reissue 5-year TLREF-indexed bonds and 2-year fixed-coupon bonds in double borrowing auctions in the domestic market today today. Will hold three more auctions tomorrow to wrap up this month's pretty light borrowing programme. A downtick start is in the cards for BIST this morning given the sour mood in global markets on concerns about the fast spreading delta variant and the resulting delays in reopening. U.S. futures are down about 0.25% in early trades and Asian equities are almost all trading in the red.
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