Turkey Wake-up call: Macro, Political and Equity News, 7th October
BIST dropped another 1.43% yesterday in its 3rd consecutive day of losses amid the sour sentiment in global markets. After an indecisive start, benchmark BIST100 index quickly turned south parallel to the slide in lira, and closed near its intraday low. Banks fared somewhat better with the 0.75% loss in their sector index. DOAS, TOASO, MAVI, and CIMSA were some of the handful gainers in the BIST100 universe while PETKM, KCHOL, KORDS, GLYHO, ALARK, OTKAR, KRDMD, TTRAK, SOKM, and PGSUS topped the crowded list of decliners. Coming to this morning, our local macro agenda only involves Treasury's cash budget balance for September'21 to be disclosed at 5:30PM local time. A positive start is in the cards for the BIST this morning as the sentiment abroad turned bullish. U.S. futures are up 0.4% in early trades on top of c.0.9% overnight gains after the hour we closed and Asian stocks are all trading in the green. Lira is also stronger with the USDTRY pair below the 8.88 level in early trades vs 8.8953 at yesterday's closing bell.
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