Turkey Wake up call: Macro, Political and Equity News, 20th July
BIST closed almost unchanged after a day of ups and downs on Friday, but managed to pocket a 3.46% gain for the whole week. Banks were again relatively weak with the 0.70% loss in their sector index for the day. TTKOM, DOAS, OTKAR, CCOLA, GUBRF, and Koza Group names topped the gainers while ASELS, ULKER, VESTL, TRKCM, AGHOL, MPARK, and GLYHO stood out among the weakest spots. Coming to this morning, our local macro agenda is quiet, apart from Treasury's reissue of 3-year fixed-coupon bonds in its single domestic borrowing auction. We anticipate a sideways open with a negative bias for the BIST on some 0.4% decline in U.S. futures while Asian markets are trading in mixed fashion. Investors' focus will begin to shift to 2Q20 earnings reports starting this week and we may see more stock-specific moves based on expectations and releases.
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