Turkey Wake-up call: Macro, Political and Equity News, 12th January
BIST lost 0.29% yesterday as the profit taking in banks weighed on the broader market while weakness in lira along with EM peers did not help the sentiment for stocks either. After a small downtick start, BIST100 quickly turned north and climbed to 1,557 levels around mid-day. Sellers took control after 4:30PM, pushing the index to red and the rebound during the last 40 minutes could not carry it back to positive ground. Banks lost 2.16% on average with particular pressure on heavyweights GARAN and AKBNK. FROTO, TOASO, HEKTS, YATAS, KOZAA, AEFES, CCOLA, TKFEN, and ULKER were among the fewer gainers for the day while OTKAR, TUPRS, ENJSA, GUBRF, PGSUS, and OYAKC topped the non-bank decliners. Today, our local macro agenda is mostly muted and we will be eyeing global markets for a sense of direction. We predict a cautious positive open for the BIST given some recovery in lira (USDTRY at 7.4540 vs 7.4995 at yesterday's closing bell). U.S. futures are up a few points in early trades while Asian markets are trading mixed.
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.
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