Turkey Wake-up call: Macro, Political and Equity News, 16th September
BIST added 0.36% yesterday as the strength in some key non-financials again made up for the weakness in banks. Index had an uptick start and spent almost all of the day in the positive territory except for a pull-back triggered by the abrupt sell-off in TCELL at 5PM. The rebound was V-shaped and the BIST100 index managed to close the day in the green. Banks lost 0.09% on average. ALARK, FROTO, SOKM, DOHOL, MGROS, PETKM, KOZAL, and AEFES topped the daily gainers while MAVI, DOAS, PGSUS, THYAO, BRISA, SISE, and KRDMD were among the weaker spots. Today, we have a muted local macro agenda and we anticipate a sideways open for the BIST in absence of visible triggers in either direction. U.S. futures are up a few points in early trades while we note their 0.4-0.5% overnight losses after the time we left. Asian markets are trading mixed and the Lira is a tad weaker with USDTRY pair above 7.49 mark vs 7.4867 at yesterday's closing bell.
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