Turkey Wake-up call: Macro, Political and Equity News, 17th September
BIST retreated 0.42% yesterday in its fifth consecutive day of losses as the morning gains in Turkish stocks yielded to selling pressure in the last two hours of the session, along with the weakness in lira. Banks fared better with the 0.06% gain for their sector index as GARAN seemed to catch some bids again. Aviation stocks, BIMAS, SASA, and MPARK were some of the rare bright spots among non-banks while Koza Group names, ODAS, GLYHO, LOGO, VESBE, TOASO, and HEKTS topped the long list of decliners. Today, our local macro agenda showcases CBT's monthly expectations survey to be revealed at 10AM local time. We anticipate a slight positive open for the BIST given c.0.6% overnight gains in main American indices after we left and a generally better mood in Asian equity benchmarks this AM. Lira is a tad stronger with the USDTRY pair testing the 8.52 mark vs 8.5301 at yesterday's closing bell.
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