Turkey Wake-up call: Macro, Political and Equity News, 26th May
BIST suffered a 3.58% drop yesterday as the index fell off a cliff after 3PM in what seemed to be technical correction and in visible decoupling from European markets. Benchmark BIST100 closed at its intraday bottom as few attempts to rebound proved futile. Banks lost 2.65% on average. TUPRS, EREGL, ASELS, THYAO, KOZAL, TAVHL, PETKM, ENJSA, VESTL, PGSUS, MAVI, and TKFEN were among the weakest blue-chips as almost all stocks in the BIST100 space closed lower for the day. Coming to this morning, our local macro agenda is muted and on the political front, President Erdogan will address his party group meeting in the Parliament starting at 12PM local time. We predict a slight positive open for the BIST given generally supportive mood abroad and some gains in lira (USDTRY at 8.4250 levels vs 8.4722 at yesterday's closing bell). U.S. futures are up 0.3% in early trades and Asian markets are almost all trading in the green.
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