Turkey Wake up call: Macro, Political and Equity News, 9th July
BIST lost 0.52% yesterday amid continued institutional selling pressure on key banking names. After an uptick open, BIST100 gradually climbed to 120k levels in morning hours, its highest in almost 5 months. But the gains could not be sustained and a new wave of selling in the last hour of trading pushed the market to a negative close around intraday lows. Banking index was down 1.38% as heavyweights GARAN and AKBNK were taking a beating while HALKB managed to stay afloat. PETKM, MGROS, SOKM, FROTO, SISE, aviation and cement stocks were among the weakest non-financials while TTKOM, EKGYO, EREGL, KRDMD, TTRAK, AEFES, AGHOL, MPARK, KOZAL, TKFEN, and AKSA topped the gainers. Today, we have a totally muted local macro agenda and eyes will be on international markets where the sentiment swang back into positive, so we anticipate an uptick start for the BIST. U.S. futures are up a few points in early trades on top of their c.0.5% overnight gains from the time we left and Asian equities led by China are almost all trading in the green.
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