Turkey Wake up call: Macro, Political and Equity News, 17th June
BIST climbed 1.26% yesterday as the positive sentiment abroad gave a similar boost to Turkish stocks. After a positive start, BIST gradually ascended to 111.8k levels late in the afternoon. However, reports of new covid measures due to increasing numbers of infections in China shed almost 1,000 points from the BIST100 index during the last 30 minutes of trading. Banks slightly outperformed with the 1.52% gain in their sector gauge as GARAN and YKBNK caught some bids. TTKOM, TCELL, DOAS, TRGYO, ULKER, VESTL, CCOLA, and FROTO led the non-bank gainers while MGROS, SODA, KOZAA, IPEKE, and AKSA were among the handful decliners. Today, our macro agenda is muted and we anticipate a flattish open for the BIST amid mixed signals from abroad. Lira is a bit stronger vs the greenback (USDTRY at 6.8361 vs 6.8480 at yesterday's closing bell). U.S. futures are down c.0.3% this morning, reversing bulk of their 0.5-0.6% gains after the time we closed yesterday while Asian equities are mostly trading slightly lower.
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