Turkey Wake-up call: Macro, Political and Equity News, 7th April
BIST lost 1.49% yesterday as a heavy-handed selling from a foreign broker weighed on the market that visibly decoupled from European peers. After an uptick open and trading in positive ground for about 15 minutes, BIST100 slipped into red and stayed there for the rest of the day to close near its intraday bottom. Banks dropped 1.67% on average with YKBNK underperforming. TCELL, INDES, YATAS, BRISA, and KRDMD were among the fewer gainers while EKGYO, FROTO, DOAS, KOZAL, AEFES, and ALARK topped the non-bank decliners. Today, our local macro agenda involves the Treasury's cash budget balance for March'21 to be disclosed at 5:30PM local time. BIST seems headed for a flattish start in absence of visible triggers in either direction. Lira is barely changed from last night's levels, U.S. futures are flat, and Asian markets are trading mixed.
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