Turkey Wake up call: Macro, Political and Equity News, 6th August
BIST added 0.43% yesterday as the lira interest rates in the London swap market seemed to have normalised after Tuesday's spike. Index opened higher, only to stage a quick retreat to 1,066 level in early trades. The rebound was also quick with the benchmark climbing to 1,100 within an hour and rest of the saw relatively quieter trading around the no-change line. Banks gained 0.36% on average as the activity was again mostly focused on some key non-financials. Sisecam Group stocks, TTKOM, ENJSA, EREGL, KRDMD, ENKAI, TATGD, AYGAZ, and KOZAA topped the gainers while ARCLK, FROTO, ULKER, TOASO, ASELS, TTRAK, VESTL, and AKSEN stood out among the decliners. Coming to this morning, our local macro agenda for the day will be muted and we anticipate a flattish open for the BIST given mixed signals from global markets. U.S. futures are up slightly while Asian indices are moving in different directions. Lira is a bit weaker with USDTRY pair hovering around 7.07 levels vs 7.0415 at yesterday's closing bell.
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