Turkey Wake-up call: Macro, Political and Equity News, 11th November
BIST extended its recent rally with a 0.52% gain yesterday as Turkish stocks staged a comeback in late afternoon trading following some weakness around mid-day. Continued institutional inflows helped the market shrug off the weakness in global bourses as well as the lira following higher than expected CPI print in the U.S. Banks did better with an average 1.27% gain as heavyweights AKBNK and GARAN caught some bids. TUPRS, DOAS, SOKM, ENKAI, ALARK, AYGAZ, ENKAI, KOZAL, and SISE led the non-bank gainers of the day while EREGL, KRDMD, TAVHL, GUBRF, TTRAK, MPARK, and ASELS were some of weak spots. Coming to this morning, our local macro agenda showcases September'21 Balance of Payments data due at 10AM local time. Bloomberg survey predicts a monthly CA surplus of USD1.25bn vs the USD2.34bn deficit recorded for the same month of 2020. We predict a downtick open for the BIST on the back of 0.6-0.8% overnight losses in main U.S. indices after we left and continued pressure on lira (USDTRY above the 9.90 mark vs 9.8167 at yesterday's closing bell). S&P futures are up a few points in early trades while Asian equity indices present a mixed bag.
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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