Turkey Wake up call: Macro, Political and Equity News, 22nd July
BIST lost 1.04% yesterday as a late afternoon sell-off erased early gains and some more. Index had a positive open above the 120k mark and traded in a 600-point range capped by the 120.5k resistance for most of the day. Things turned sour after 5PM on reports of escalating tensions between Turkey and Greece as Turkey announced drilling plans in disputed parts of the Aegean Sea. Banks were more resilient with a 0.13% loss in their sector index as GARAN and YKBNK managed to stay afloat. TCELL, DOAS, AEFES, AYGAZ, MGROS, and LOGO were among the handful of gainers while ENKAI, FROTO, TOASO, EREGL, ASELS, SISE, CCOLA, OTKAR, GLYHO, GUBRF, and ULKER topped the decliners. Coming to this morning, our local macro agenda is quiet and eyes will be on any developments regarding Aegean tensions. We predict a downtick open for the BIST given the softer outlook for European markets while Asian equities are trading mixed. U.S. futures are up a few points this morning in partial recovery of the c.0.5% overnight losses after the time we left. USDTRY is flattish around the 6.8460 mark.
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