Turkey Wake-up call: Macro, Political and Equity News, 8th July
BIST increased 0.58% after a day of ups and downs in the positive territory. Benchmark found support at the 1,384 level that was tested a couple of times and a good part of the daily gains were booked on the back of the rebound in the last 15 minutes of the session. Banks slightly outperformed with the 0.97% gain in their sector index as YKBNK and GARAN caught some bids. KRDMD, MGROS, PETKM, TAVHL, FROTO, and LOGO led the non-bank gainers while SAHOL, PGSUS, TTRAK, GLYHO, DOAS, and SOKM were some of the fewer weak spots. Today, we have a muted local macro agenda apart from the weekly Central Bank statistics. We anticipate a flattish open for the BIST as the early gains in lira (USDTRY at 8.6870 vs 8.7014 at yesterday's closing bell) may balance out the slight negative moves in global equity bourses. U.S. futures are down 0.2% and Asian stock markets are almost all trading in the red.
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