Turkey Wake-up call: Macro, Political and Equity News, 26th March
BIST slipped 1.38% yesterday amid reversal of earlier gains in the afternoon half of the day. The BIST100 index opened on an uptick and climbed to 1,433 in early trades as Wednesday's momentum seemed to prevail. But sellers started to dominate the scene after 2:30PM, pushing the benchmark lower to a close at its intraday bottom. Banks lost 2.19% on average with GARAN, HALKB, and YKBNK underperforming peers. TUPRS, BIMAS, VESTL, ENJSA, ZOREN, SELEC, GOZDE, KOZAA, HEKTS, and KORDS led the fewer gainers while EREGL, KRDMD, FROTO, MPARK, ALARK, MGROS, and ULKER were among the weaker names. Coming to this morning, our local macro agenda involves March'21 Manufacturing Capacity Utilization Rate (CUR stood at a 5-month low of 74.9% in February'21 and was 75.3% back in March'20) and Real Sector Confidence index (was at a 33-month peak of 109.3 in February'21 and had stood at 99.7 back in March'20) both to be released at 10AM local time. BIST is off to a positive start given the upbeat sentiment in global peers. U.S. futures are up 0.4% on top of the 1.4-1.7% overnight gains after we left and Asian markets are almost all trading visibly in the green.
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