Turkey Wake-up call: Macro, Political and Equity News, 18th January
BIST lost 1.43% on Friday as the profit taking prevailed in Turkish and global markets alike. After a downtick open on Friday, BIST100 managed to claw back to positive territory after 12:30PM, but could not sustain its small gains for long and moved downwards for the rest of the day. Weakness in lira along with EM peers did not help the sentiment either. Banks lost 2.66% on average with ISCTR, AKBNK, and GARAN underperforming. KOZAL, KRDMD, KORDS, MAVI, ENJSA, ALARK, SISE, INDES, and MPARK were among the rare gainers while TUPRS, BIMAS, TKFEN, KCHOL, DOHOL, HEKTS, SOKM, TOASO, PGSUS, and TTRAKc topped the long list of decliners. Coming to the start of the new week, our local macro agenda is mostly muted and eyes will be on lira and global markets for seeking a direction. The mood abroad remains weak with the S&P futures down 1.2% in early trades and Asian markets all trading in the red except for Chinese indices. Lira, on a positive note, is a bit stronger with USDTRY pair at 7.4633 vs 7.4837 at Friday's closing bell.
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