Turkey Wake-up call: Macro, Political and Equity News, 17th December
BIST slipped 0.21% yesterday, ending its 6-day winning streak with a small retreat. BIST100 index opened higher and cruised in a tight range around the 1,405 level until 4:30PM. Some selling pressure after this hour erased earlier gains and led to a slight negative close. Banks lost 0.34% on average although the heavyweight GARAN managed to close up for the day. PGSUS, TCELL, KCHOL, TTRAK, ISGYO, and TMSN topped the non-bank gainers while ARCLK, PETKM, FROTO, SISE, MPARK, and SELEC were among the weak spots. We have a quiet local macro agenda this morning while BIST seems off to a slight positive start given similar moves among most peers and small gains in lira (USDTRY at 7.7920 vs 7.8146 at yesterday's closing bell). U.S. futures are up 0.3% in early trades and Asian markets are mostly trading in the green.
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