Turkey Wake-up call: Macro, Political and Equity News, 7th July
BIST lost 0.72% yesterday as the softness in global bourses took its toll on Turkish stocks alike. BIST100 index opened on an uptick and cruised in slight positive territory in eventless trading until around 4:30PM when the sellers took the driver's seat. Banks retreated 0.76% on average with HALKB and AKBNK underperforming. MGROS, SOKM, TTRAK, KARSN, ODAS, and AKSEN were some of the rare gainers in the BIST100 space while FROTO, TUPRS, EREGL, ASELS, LOGO, and aviation stocks topped the non-bank decliners. Today, our local macro agenda showcases Treasury's cash budget balance for June'21 to be disclosed at 5:30PM local time. Separately, Treasury will offer 3-year gold bonds and 3-year gold-indexed sukuk papers via direct sales in the domestic market today. Domestic redemption for the week stands at TL7.54bn. We anticipate a sideways open with a negative bias for the BIST given sustained risk-off sentiment abroad. U.S. futures are down a few points but we note their 0.4-0.5% overnight rebounds after we left while Asian equities are mostly trading in the red this morning.
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