Turkey Wake up call: Macro, Political and Equity News, 8th July
BIST added 0.72% yesterday on record-high TL47.5bn trading volume as the strength in some non-financial blue-chips made up for the weakness in banks. After an uptick start yesterday, BIST100 index climbed to 119.5k from where it took a 2,500-point dive around 11:30AM. This was followed by a gradual ascent back to 119k levels where it managed to close. Banks lost 0.90% on average amid pressure on ISCTR, VAKBN, and AKBNK while YKBNK was the only name among the big-six to close higher. Sisecam Group names, cement stocks, MPARK, ULKER, EKGYO, PETKM, and TTRAK topped the gainers while aviation stocks, EREGL, ISDMR, SOKM, MGROS, and TOASO stood out among the weak spots. Coming to this morning, our local macro agenda is totally muted. We anticipate a downtick open for the given the 0.8-1.0% overnight losses in U.S. markets after the time we left and some retreat in lira (USDTRY at 6.8637 vs 6.8569 at yesterday's closing bell). U.S. futures are down some 0.15% in early trades while Asian bourses present a mixed picture.
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