Turkey Wake up call: Macro, Political and Equity News, 18th June
BIST closed virtually unchanged yesterday after ups and downs in a 1,200-point range. A strong open chasing Tuesday's momentum was followed by selling pressure that pushed the index to its daily bottom of 110.4k around 12:30PM. The market managed to recover its losses in the afternoon and closed the day with zero change. Banks fell behind with the 0.61% decline in their sector index. Strength in BIMAS, VESTL, AEFES, DOAS, TATGD, BRISA, and Sisecam stocks kept the broader market afloat while ASELS, PGSUS, KCHOL, EKGYO, PETKM, ULKER, and EREGL were among the laggards of non-banks. Today, our macro agenda is muted, and we seem to be looking at a negative start for the BIST given the sour mood among global equity peers. U.S. futures are down c.0.7% in early trades on top of 0.4-0.6% overnight losses after the hour we closed and Asian bourses are mostly trading lower.
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