Turkey Wake-up call: Macro, Political and Equity News, 28th June
BIST lost 0.97% yesterday following the banking regulator decree imposing restrictions on lira lending to FX-rich companies although a good part of early morning losses were reversed. Banks were visibly weaker with the 2.41% retreat in their sector index amid pressure on AKBNK and the two state lenders. TUPRS, PGSUS, MAVI, ISMEN, BIOEN, and KARSN stood out among rare gainers in the BIST100 universe while DOAS, GSDHO, ALKIM, ECILC, SOKM, MGROS, HEKTS, ASELS, and BRISA topped the non-bank decliners. Today, our local macro agenda is muted. On the political front, President Erdogan will attend the NATO summit in Madrid where he is scheduled to meet with the leaders of Sweden and Finland whose bids to join the alliance are being blocked by Ankara. The president is expected to hold a press briefing before his departure. We anticipate a flattish start with a negative bias for the BIST given the softer sentiment in global bourses this morning. Lira is a tad weaker with the USDTRY pair above the 16.58 mark in early trades vs 16.5432 at yesterday's BIST closing bell.
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