Turkey Wake up call: Macro, Political and Equity News, 2nd July
BIST lost 1.04% as profit-taking was the name of the game, especially in key banking names. After a small positive start, BIST100 index turned south and slipped below the no-change line after 11:30AM, staying in the red for the rest of the day. Banks lost 2.02% on average with HALKB, ISCTR, and AKBNK underperforming. KCHOL, BIMAS, TUPRS, ARCLK, TCELL, SOKM, PETKM, DOAS, GOZDE, and MPARK topped the non-bank decliners while TRKCM, SODA, ALBRK, cement stocks, REITs, GLYHO, AKSEN, OTKAR, and DOHOL stood out among the gainers. Today, our sole macro agenda highlight will be the summary minutes of the latest Monetary Policy Council meeting which will be released at 2PM local time. We anticipate a slight positive open for the BIST given the supportive mood in Asian markets on hopes of progress on the vaccine tests. U.S. futures are up 0.1% in early trades while lira is a bit stronger with USDTRY pair at 6.8468 vs 6.8544 at yesterday's closing bell.
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