Turkey Wake-up call: Macro, Political and Equity News, 20th December
BIST took an 8.52% dive on Friday, ending its recent breathtaking rally with a plunge. Things seemed to be just fine with the benchmark index was up by ~5% around until 3:30PM as the weakness in lira has again been luring investors to stocks. But intense selling pressure after this hour, possibly exacerbated by unwinding of some leveraged bets, led to a massive drop, triggering circuit breakers in the index for two consecutive times. Banks lost 8.74% on average with only GARAN avoiding the limit down. Among the BIST100 member stocks, only AEFES and DEVA closed the day higher vs 98 decliners. Our local macro agenda is muted today while on the political front, President Erdogan will chair the cabinet meeting starting at 3PM local time. Agenda includes the planned hike to wages of government employees and pensioners following last week's 50% hike in the minimum wage. BIST seems off to a negative start in line with the sour sentiment abroad while the pressure on lira continues (USDTRY above the 17.20 mark vs 16.4591 at Friday's closing bell). U.S. futures are down almost 1% and Asian bourses are all trading in the red.
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