Turkey Wake-up call: Macro, Political and Equity News, 17th September
BIST lost 0.37% as afternoon selling erased the morning gains and some more yesterday. Index had an uptick start and tested the 1,116 level a couple of times during the morning hours. But sellers became dominant after 3PM, pushing the benchmark BIST100 gradually lower and to a negative close. Banks fared in line with the broader market with their sector gauge dropping 0.37%. OTKAR, YATAS, KRDMD, KOZAL, SASA, AGHOL, and cement stocks led the short list of gainers while FROTO, ALARK, SOKM, TTRAK, MAVI, ENJSA, AEFES, and TAVHL stood out among the weaker spots. Coming to this morning, our local macro agenda is muted apart from the weekly Central Bank statistics. BIST seems off to a negative start given the sour mood in global markets following yesterday's remarks from the FED chair highlighting uncertainties about the economic recovery. U.S. futures are down 1.1% in early trades on top of the 0.4-0.8% overnight losses in main indices after we left and Asian equity benchmarks are all trading in the red.
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