Turkey Wake-up call: Macro, Political and Equity News, 18th July
BIST lost 1.06% on Thursday before the national holiday on Friday as late afternoon selling pushed Turkish stocks lower. Banks proved more resilient with the 0.11% increase in their sector index with GARAN and TSKB leading the pack. EKGYO, DOAS, ODAS, AKSEN, CEMTS, KARSN, NTHOL, and ALARK led the few non-bank gainers for the day while KCHOL, THYAO, TAVHL, TUPRS, BIMAS, ENKAI, SISE, SELEC, GLYHO, and OYAKC were among the weak spots. Returning from the long weekend, our local macro agenda involves June'22 central government budget numbers due at 11AM local time. On the political front, President Erdogan will chair the cabinet meeting starting at 2PM local time and later, he is expected to hold a press briefing before his departure to Tehran for Turkey-Russia-Iran trilateral meetings. We anticipate a gap higher open for the BIST as Turkish equities may play some catch up with Friday's strong gains in peer markets. U.S. futures are up 0.5% in early trades on top of the 3.2-3.5% gains after the hour we left on Thursday and Asian bourses are almost all trading in the green.
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