Turkey Wake-up call: Macro, Political and Equity News, 21st June
BIST dropped 1.63% on Friday in the fifth consecutive day of losses that totaled 4.78%. After a positive open and testing of the 1,420 level in early going, the BIST100 index turned south after 11AM and stayed in negative territory for the rest of the day. Banks fared visibly better this time with the 0.38% retreat in their sector index thanks to strength in HALKB and AKBNK. MPARK, TKFEN, VESTL, AEFES, and SASA were some of the rare gainers while KRDMD, EREGL, TURSG, DOAS, TOASO, and ARCLK topped the decliners. Today, our local macro agenda is muted and we will await the decisions from the cabinet meeting starting at 3PM local time when the government will evaluate possible further easing of pandemic restrictions and lockdowns on evenings and Sundays, according to media reports. BIST is off to a lower start given the sour sentiment in global equity markets and the slide in lira (USDTRY at 8.76 level as we go to print vs 8.7187 at Friday's closing bell). U.S. futures are down 0.4% in early trades and Asian bourses are all trading in the red.
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