Turkey Wake-up call: Macro, Political and Equity News, 9th September
BIST retreated 0.66% yesterday as the weakness in global equities and pressure on lira weighed on Turkish stocks. After a positive open and a test of 1,102 levels in early trades, benchmark BIST100 yielded to the pressure on international peers and slipped to negative territory after noontime. Rest of the day saw trading around the 1,090 mark where the index closed. Banks fared in line with the broader market, losing 0.68% on average. TCELL, KRDMD, ARCLK, VESTL, TAVHL, PGSUS, GOZDE, TRCAS, and Sisecam group names were among the weakest non-banks while PETKM, FROTO, TTRAK, ALARK, KOZAA, KORDS, and healthcare stocks topped the shorter list of gainers. Coming to this morning, our local macro agenda is muted and BIST will eye peer markets for finding a direction. The picture on that front remains bleak and we duly anticipate a slight negative start for the BIST. U.S. futures are up c.0.4% in early trades in partial recovery of their 0.8-1.0% overnight losses after the hour we left and Asian markets are almost all trading in the red.
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