Turkey Wake-up call: Macro, Political and Equity News, 23rd October
BIST dropped 1.09% as the MPC decision to hold the policy rate steady contrary to expectations of some 175bps hike soured the sentiment. Index had an uptick start and drifted slightly above the neutral line during the morning hours. But the rate decision at 2PM sent lira as well as stocks into a tailspin and the benchmark BIST100 closed near session lows. Banks felt the brunt of the sell-off with the 4.74% plunge in their sector index. BIMAS, TTRAK, ENKAI, MAVI, OTKAR, INDES, and ISMEN topped the non-bank gainers while TTKOM, PETKM, KCHOL, KOZAL, ISDMR, KRDMD, MPARK, TURSG, AKSEN, and SISE stood out as weakest names for the day. Today, our local macro agenda is rather muted and BIST will try to find stability after yesterday's rout. We predict an uptick start given the c.0.6% overnight gains in main American indices after we left while continued pressure on lira (USDTRY at 7.9523 vs 7.9314 at yesterday's closing bell) may create some headwinds. S&P futures are flattish and Asian markets are cruising in different directions.
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