Turkey Wake-up call: Macro, Political and Equity News, 19th August
BIST added 1.34% yesterday after a seesaw afternoon session triggered by the surprise rate cut by the Central Bank. Banks fell behind with the 0.47% retreat in their sector index as they could not fully recoup their mid-day losses. Strength in TUPRS, steelmakers, KCHOL, SISE, TURSG, KORDS, TOASO, MAVI, and ASELS drove up the headline index while BIMAS, AKSEN, ULKER, SOKM, EKGYO, AEFES, YATAS, and TKNSA stood out among the non-bank decliners for the day. Coming to this morning, we have a muted economic and political agenda. We foresee a flattish start for the BIST in absence of major triggers in either direction. U.S. futures are down c.0.2% in early trades in reversal of their 0.3% overnight gains after the hour we left and Asian bourses present a mixed picture. Lira is also quiet in early trades with the USDTRY pair cruising slightly below the 18.10 mark after yesterday's jump.
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