Turkey Wake up call: Macro, Political and Equity News, 25th June
BIST-100 eased by 0.77% led by the decline in banking stocks after a 6 days winning streak. After a flattish market opening, BIST converged around the last day closure in the first half hour. The index retreated with effect of the sharp drops in banking stocks until the mid-day. The highest levels of the day has been tested for a short time in the afternoon. Yet, BIST ended closely to the lowest levels of the day through 2.62% loss in the banking index. Banks were the major decliners. Conglomerate stocks and BIZIM, DGKLB, ENKAI, ASELS and ULKER topped the major non-bank decliners while BIMAS, KRDMD, PETKM, MGROS, TTRAK, YATAS, MPARK AND GUBRF were the best performers. Today, our most significant macro agenda will be One-Week Repo Rate (Policy Rate) decision of the Central Bank of Turkey due at 2PM local time. The consensus estimates Central Bank of Turkey to cut rate by 25 bps from 8,25% to 8,00% while we forecast a flattish/slight negative open for the BIST given the similar outlook for European majors and U.S futures.
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