Turkey Wake-up call: Macro, Political and Equity News, 23rd December

BIST lost another 4.64% yesterday as the four-day losing streak has reached a stunning 20.82%, the biggest since 2001. It was a double-faced market though as banks jumped 3.48% on average while it was the major industrial stocks that continued to suffer with continued unwinding of the weak-lira bets. BIMAS, HEKTS, SELEC, VESBE, AKSEN, and TURSG were among the rare non-bank gainers in the BIST100 space while TUPRS, EREGL, FROTO, SISE, KRDMD, AEFES, ENKAI, TKFEN, PETKM, and KCHOL topped the long list of decliners. Coming to this morning, our local macro agenda involves summary minutes of the latest Monetary Policy Council meeting that will be released at 2PM local time. BIST seems headed for a sideways start as the remaining sellers in a bunch of blue-chip names at limit down prices from yesterday may balance out the optimism from the c.1% gain in BIST30 futures index in evening trading and the supportive mood in global markets. Lira is gaining further ground with the USDTRY pair around the 11.80 mark in early trades vs 12.4380 at yesterday's closing bell.