Turkey Wake-up call: Macro, Political and Equity News, 9th August
BIST eked out a 0.21% gain on Friday in its 9th consecutive day of gains and carried its cumulative weekly ascent to 3.00%. Benchmark index spent most of the day in positive ground although the weakness in lira led to a pullback below the no-change line in the afternoon. The recent rebound in banks seemed to have faltered as the sector index was down 0.65% for the day amid pressure on AKBNK. Strength in industrials like EREGL, SISE, TOASO, OTKAR, TAVHL, SOKM, CIMSA, and KORDS kept the broader market afloat whereas FROTO, Koza Group stocks, CCOLA, MPARK, and TRGYO topped the decliners. Coming to this morning, our local macro agenda is muted. We predict a flattish open for BIST given mixed signals from abroad. U.S. futures are down 0.2% in early trades while Asian indices are mostly trading in the green. Lira is broadly unchanged since Friday with the USDTRY pair floating in the 8.63-64 range.
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