Turkey Wake-up call: Macro, Political and Equity News, 24th March
BIST lost 0.26% yesterday, snapping its 5-day winning streak with a small retreat amid some selling pressure in the afternoon. Banks held up better with the 0.24% gain for their index as GARAN was making up for its recent underperformance relative to peers. TTKOM, TKNSA, ECILC, AKSA, TTRAK, HEKTS, and LOGO topped the non-bank gainers while ARCLK, DOHOL, TRGYO, KARSN, OTKAR, VESTL, and ASELS were among the longer list of weak spots in the BIST100 universe. Coming to this morning, our local macro agenda showcases summary minutes of the latest Monetary Policy Council meeting that will be released at 2PM local time. We will also await any news flow from the NATO summit which President Erdogan is attending in Brussels today. BIST seems off to a flattish open given mixed signal from global markets. S&P futures are up over 0.4% in early trades in partial reversal of the 0.6-0.8% overnight losses after we left while Asian bourses are trading mixed.
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