Turkey Wake-up call: Macro, Political and Equity News, 16th June
BIST lost 0.80% yesterday in what seemed to be continued unwinding of recent bets on the Erdogan-Biden meeting on Monday, and in sync with the slide in lira. After some indecisive moves during the first two hours, BIST100 index turned south and spent most of the day in negative territory. Rumours of a settlement for HALKB (which the lender denied last night) trial in the U.S. sparked a rebound in banking stocks that gained 0.75% on average and provided some support to the broader market in late afternoon. MAVI, INDES, AKSEN, KOZAL, and SOKM were some of the rare non-bank gainers while EREGL, FROTO, ARCLK, TTRAK, YATAS, GUBRF, ODAS, and KORDS topped the decliners. Today, we have a muted local macro agenda with only Treasury offering 3-year gold bonds and 3-year gold-indexed sukuk papers via direct sales in the domestic market. Domestic redemption for the week stands at TL3.91bn. BIST seems off to a sideways start given the wait-and-see mood among global peers ahead of today's FED meeting. Lira is also flat in early trades with the USDTRY pair cruising around the 8.54 mark.
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