Turkey Wake-up call: Macro, Political and Equity News, 25th June
BIST added 0.60% yesterday after a day totally spent in the positive territory amid global optimism. Weakness in lira in afternoon hours partially impacted the stock market as benchmark BIST100 shed more than a third of its daily gains after 5PM. Banks outperformed with the 1.28% increase in their sector index, with YKBNK and ISCTR taking the lead. EREGL, KCHOL, TCELL, GUBRF, MAVI, AKSA, and GOZDE led the non-bank gainers while TAVHL, SISE, PETKM, HEKTS, SELEC, and DOHOL were some of the fewer decliners. Today, our local macro agenda showcases Ministry of Tourism's tourist arrival numbers for May'21 due at 11AM local time. Foreign tourist arrivals had jumped 3,162.2% yoy to 791k in April as the pandemic-related base effects were in play, bringing the cumulative yearly arrivals to 2.74mn visitors, down 35.6% from 2020. BIST is off to a slight positive open given prevailing supportive sentiment abroad while lira is almost unchanged with the USDTRY pair within the 8.69-8.70 range. U.S. futures are up a few points and Asian indices are all trading in the green.
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