Turkey Wake-up call: Macro, Political and Equity News, 8th September
BIST dropped 1.35% as the deterioration in risk appetite and weakness in lira took their toll on Turkish equities. After an indecisive open, BIST100 index moved in a very tight range around the 1,470 mark until 4:30PM when the selling pressure started to intensify, leading to a 15-point retreat during the last 90 minutes of the session. Banks underperformed with the 1.78% loss in their sector index. CCOLA, TOASO, INDES, MPARK, and LOGO were some of the rare gainers while DOAS, ZOREN, HEKTS, TURSG, TRGYO, ODAS, and KOZAL topped the long list of decliners. We have a muted local macro agenda for today and we anticipate a flattish start for the BIST in absence of visible drivers in either direction. S&P futures are marginally up in early trades while Asian markets are mixed. Lira is a bit weaker with the USDTRY pair around the 8.3570 level vs 8.3386 at yesterday's closing bell.
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