Turkey Wake-up call: Macro, Political and Equity News, 22nd August
BIST 100 closed the day with a limited daily change of 0.01%, after fluctuating in the horizontal band on Friday. Concerns that new macroprudential measures might be announced after the rate cut on Thursday put pressure on banking stocks in particular, resulting in a 2.2% retreat in the banking sector index. ALARK, CANTE, CIMSA, DOAS, QUAGR, PETKM and TKFEN topped the non-bank gainers in the BIST100 universe while GLYHO, KERVT, GESAN, AKSEN, TRGYO and ISGYO stood out among the non-bank decliners for the day. Coming to this morning, we have a muted economic and political agenda, Ministry of Tourism will disclose the tourist arrival numbers for July'22 at 11AM. We foresee a downtick open for the BIST following the banking regulations announced in the weekend. U.S. futures are down c.0.5-0.6% in early trades and Asian bourses are mostly trading in the red.
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