Turkey Wake-up call: Macro, Political and Equity News, 23th June
BIST lost 0.06% yesterday, as the losses in the opening were reversed with slight upward movement in the first half of the day. Banks were a tad weaker with 0.68% fall in their sector index. ENKAI, KCHOL, FROTO, DOAS, BIMAS, AKSEN, SAHOL, and AGHOL led the non-bank gainers while EREGL, ISDMR, SASA, SISE, TTKOM, ASELS, ARCLK and CCOLA stood out among the decliners in the BIST100 universe. Coming to this morning, our local macro agenda highlight will be the monthly Monetary Policy Council meeting with the decision on policy rates due at 2PM local time. Participants in the Bloomberg survey unanimously expect the MPC to keep its benchmark weekly repo rate unchanged at 14.00% for the sixth consecutive month after cumulative cuts of 500bps in the preceding four months. We expect a flat start for the BIST given the mixed signals in global markets. S&P futures are down 0.1% in early trades, while Asian bourses trades in the green this morning.
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