Turkey Wake-up call: Macro, Political and Equity News, 10th May
BIST added 0.95% on Friday, extending its winning streak to the 3rd day and carrying its weekly cumulative gains to 3.11%. BIST100 index opened slightly higher on Friday and spent most of the day in positive ground except for a short-lived incursion to negative territory around 3PM. Banks led the charge with the 3.09% gain in their sector index amid institutional inflows to heavyweights GARAN and AKBNK. TUPRS also caught some bids and supported the headline index along with TCELL, FROTO, KRDMD, TOASO, ASELS, and Koza Group stocks while PETKM, BIMAS, MPARK, SOKM, AKSA, and ALKIM topped the non-bank decliners. Today, our local macro agenda showcases the unemployment statistics for March'21 to be released at 10AM local time. Seasonally-adjusted unemployment had increased 0.7pp from a month ago to a 7-month high of 13.4% in February, driven by the 22k monthly decline in the number of employed as well as the 0.3pp sequential increase in labor participation rate to 50.1%. We anticipate an uptick start for the BIST given the supportive sentiment abroad on U.S. jobs data suggesting continued fiscal and monetary stimuli. U.S. futures are up c.0.2% and Asian equity benchmarks are mostly trading in the green. We kindly remind that the Turkish markets will be closed in observance of the Eid holiday after a half-day of trading on Wednesday until next Monday. Accordingly, trades executed in the BIST today will settle on Monday, 17-May and trades of tomorrow and the morning session of Wednesday will settle together on Tuesday, 18-May.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.