Turkey Wake up call: Macro, Political and Equity News, 26th August
BIST dropped 1.47% yesterday in the third consecutive day of losses. After a positive open and some strength that carried the benchmark BIST100 to 1,118 levels, market made a sharp turn south after 3:30PM. Index dipped at 1,083 late in the day before staging a partial rebound in the last 10 minutes. Banks were down 2.51% on average with particular pressure on YKBNK. SAHOL, TKFEN, GUBRF, DOAS, MPARK, TAVHL, and Koza Group stocks topped the day's non-bank laggards while THYAO, PGSUS, ULKER, BRISA, and SASA were among the rare gainers. Today, our local macro agenda is muted and we anticipate a sideways start for the BIST in absence of visible drivers in either direction. U.S. futures are almost unchanged after their 0.2-0.3% overnight gains from the hour we left and Asian markets are mostly trading lower on profit-taking. Lira is a tad stronger, trading slightly below yesterday's peak of 7.40 vs the greenback.
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