Turkey Wake-up call: Macro, Political and Equity News, 25th July
BIST added 0.21% on Friday, carrying its cumulative weekly gains to 5.63%. After spending most of the day in the 2,530-2,540 range, BIST took a dive to negative zone after 4PM but managed to close in slight positive ground thanks to its rebound in the last 20 minutes of the session. Banks gained 1.05% on average with VAKBN and YKBNK taking the lead. EKGYO, SAHOL, MGROS, DOHOL, GWIND, ISMEN, GUBRF, and TKFEN topped the non-bank gainers for the day while aviation stocks, GLYHO, KARSN, YATAS, NTHOL, and MAVI stood out among the weaker spots in the BIST100 universe. Today, our local macro agenda involves July'22 Manufacturing Capacity Utilization Rate (CUR stood at 77.6% in June'22 and was 76.7% back in July'21) and July'22 Real Sector Confidence index (was at a 6-month low of 106.4 in June'22 and had stood at 114.8 back in July'21) both to be released at 10AM local time. BIST seems off to a slight negative open given the softer sentiment in global markets. U.S. futures are down 0.1% in early trades on top of the 0.5-0.7% overnight losses after we left on Friday while Asian bourses are almost all trading in the red.
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