Turkey Wake-up call: Macro, Political and Equity News, 8th June
BIST closed virtually unchanged yesterday as the rebound in the last 1.5 hours of the session helped recover earlier losses in the benchmark index. Banks fell behind with the 1.54% drop in their sector index amid profit taking in heavyweights GARAN and AKBNK while ISCTR managed to stay afloat. SISE, PGSUS, BIOEN, KORDS, BRISA, SELEC, and NTHOL led the non-bank gainers while TOASO, HEKTS, FROTO, TCELL, KCHOL, ARCLK, and BIMAS stood out among the weak spots. Coming to this morning, our local macro agenda is muted. We anticipate a slight positive start for the BIST given the supportive sentiment in Asian markets and the 0.7-0.8% overnight gains in U.S. indices after we left while noting the c.0.3% decline in S&P futures in early trades this morning. Lira continues to lose ground as the USDTRY pair is approaching the 16.90 mark vs 16.7466 at yesterday's BIST closing bell.
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