Turkey Wake-up call: Macro, Political and Equity News, 20th September
BIST managed to eke out a 0.10% gain thanks to some closing session buyers in a number of blue-chips after a volatile day on Friday, but was down 1.34% for the entire week. Banks fell behind with the 0.65% loss in their index as ISCTR and GARAN underperformed while HALKB and AKBNK managed to stay afloat. KCHOL, BIMAS, PGSUS, TAVHL, LOGO, AKSA, NTHOL, and CIMSA topped the non-bank gainers while AEFES, ENKAI, KOZAA, ENJSA, KRDMD, CCOLA, and VESTL were among the weak spots. Coming to start of the new week, our local macro agenda is muted apart from Treasury's issue of 2-year fixed-rate bonds and reissue of 4-year CPI-linkers in double domestic borrowing auctions. Will hold three more auctions/direct sales tomorrow ahead of this week's hefty TL20.46bn redemption. BIST seems off to a negative open as the sentiment in global bourses remains sour on concerns about Chinese real estate companies. Accordingly, Asian markets are all trading in the red and S&P futures are down c.0.7% in early trades. Lira is also jittery ahead of Thursday's MPC meeting as USDTRY is above the 8.67 mark vs 8.6504 at Friday's closing bell.
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