Turkey Wake-up call: Macro, Political and Equity News, 10th September
BIST added 0.93% yesterday in a move driven by the gains in energy stocks on fresh rumours of a new natural-gas find as well as the risk-on mood in global markets. After a flattish start, BIST gradually ascended during the morning hours before gaining further traction after 2PM to close at about its daily peak. Banks again fell behind with a 0.01% increase in their sector index. PETKM, TUPRS, KRDMD, ULKER, ARCLK, IPEKE, ZOREN, AKSEN, AKCNS, GLYHO, and TRGYO topped the day's gainers while FROTO, BIZIM, GUBRF, DEVA, SELEC, VESTL, AKGRT, and NTHOL stood out among the weaker spots. Today, our local macro agenda involves the unemployment statistics for June'20 to be released at 10AM local time. Headline unemployment had inched up 0.1pp from a month ago to 12.9% in May while remaining a tad above the 12.8% level for the same month of 2019. Meanwhile, seasonally-adjusted employment had climbed 0.2pp on a sequential basis to a 9-month high of 14.0%. We project a slight positive start for the BIST given similar moves in most Asian markets. Lira is almost unchanged from yesterday with the USDTRY pair within the 7.48-7.49 range and U.S. futures are up a few points in early trades.
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.
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