Turkey Wake up call: Macro, Political and Equity News, 7th August
BIST plunged 5.26% yesterday as the slide in lira led to another wave of selling in stocks yesterday. After a flattish start around previous day's close and sideways trading, BIST100 index started to lose ground after 11:30AM as sellers took control. The benchmark slipped down to 1,033 around mid-day before staging some recovery, but another round of selling in after 4PM led to a close near the daily lows. Banks lost 4.98% on average with AKBNK underperforming its peers. KOZAL was the only BIST100 constituent to close up for the day while ASELS, ULKER, REITs, aviation, and retail stocks topped the decliners. Coming to this morning, our local macro agenda is again muted and eyes will be on lira for a sense of direction. USDTRY pair is at 7.2915 in early trades vs 7.3073 at yesterday's closing bell, but lira seems to be losing its overnight gains from 7.20 levels. U.S. futures are down 0.3% in early trades and Asian markets are mostly trading in the red on rising U.S.-China trade tensions, so we anticipate a slight negative start for the BIST.
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