Turkey Wake-up call: Macro, Political and Equity News, 7th April
BIST lost 0.43% yesterday, ending its six-day winning streak with a small retreat as the weakness in global stock markets took its toll on Turkish equities in afternoon trading after a stronger morning session. Banks declined 0.53% on average as HALKB and VAKBN underperformed while AKBNK managed to stay afloat. DOAS, HEKTS, PETKM, AKSA, ODAS, ALARK, GWIND, and AYDEM stood out among the gainers in the BIST100 universe while EREGL, KRDMD, ENKAI, ASELS, NTHOL, ULKER, and CIMSA topped the non-bank decliners for the day. Today, our local macro agenda involves the Treasury's cash budget balance for March'22 to be disclosed at 5:30PM local time. BIST seems off to a downtick start as the sour sentiment is prevailing in global markets on worries of a hawkish FED. U.S. futures are down c.0.3% in reversal of the 0.3-0.4% overnight gains after we left and Asian bourses are almost all trading in the red.
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