Turkey Wake-up call: Macro, Political and Equity News, 22st December
BIST plunged 7.99% yesterday as investors rushed to unwind their weak-lira bets while cumulative losses of the past three days for the benchmark index has reached 16.96%. Banks held up much better with the 1.79% retreat in their sector index as the damage was more evident for the recent outperformers among industrials/exporters. VAKBN, TURSG, ODAS, ISMEN, and ARDYZ were among the handful gainers while EREGL, TCELL, SISE, TUPRS, KCHOL, FROTO, SAHOL, ASELS, and THYAO topped the decliners. Our local macro agenda for today is rather muted while on the political front, President Erdogan will address his party group meeting in the Parliament starting at 12PM local time. BIST seems off to another weak open given a bunch of incomplete sell orders left at limit down prices in various blue-chip names from yesterday as well as the losses in BIST30 futures contract in evening trading. Lira is gaining further ground after yesterday's rally as USDTRY is approaching 12.25 levels in early trades vs 12.7213 at yesterday's closing bell.
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