Turkey Wake-up call: Macro, Political and Equity News, 9th March
BIST slipped 0.76% yesterday despite the strength in European markets as the slide in lira weighed on the sentiment for Turkish stocks. BIST100 index had a positive start and tested the 1,554 mark in early trades before reversing course after 11AM. Further selling pressure after 3PM pushed the market to negative territory where it closed. Banks lost 2.60% on average amid institutional outflows. PETKM, KOZAL, HEKTS, ISDMR, GOZDE, and INDES led the gainers while KCHOL, SAHOL, EKGYO, TOASO, BIMAS, AEFES, and ISMEN were among the weakest of non-banks. Today, our local macro agenda is again muted and eyes will be on lira as well as international stock markets for a sense of direction. We anticipate a slight positive open for the BIST given some 0.8% gain in U.S. futures in early trades and the Asian markets mostly trading in the green while the weakness in lira (USDTRY at 7.70 levels vs 7.6874 at yesterday's closing bell) may create some headwinds
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