Turkey Wake-up call: Macro, Political and Equity News, 13th July
BIST lost 1.55% amid pressure on non-bank blue-chips yesterday, visibly decoupling from the strength in global markets as well as the gains in lira. After an uptick open, BIST100 index slipped below the no-change line and traded with small losses until after 4PM when the selling pressure intensified. Banks led by GARAN held up much better with a minor 0.06% decline in their sector index. EREGL, ALARK, CIMSA, and KRVGD were some of the rare gainers for the day while BIMAS, TUPRS, DOAS, OTKAR, TKFEN, and Koza Group names topped the long list of decliners. Today, our local macro agenda showcases May'21 Industrial Production numbers due at 10AM local time. Bloomberg consensus +37.2% yoy based on the estimates for calendar-adjusted series and -0.4% mom based on the seasonally & calendar-adjusted series. Separately, Treasury will auction 10-year CPI linkers (reissue) and separately offer 2-year sukuk papers in double domestic borrowing actions today. Will hold two more placements tomorrow ahead of this week's massive TL24.69bn redemption. We anticipate a cautiously positive open for the BIST given the prevailing upbeat sentiment abroad as Asian bourses are almost all trading in the green this morning. Please note the Turkish markets will be closed on Thursday, 15-July in observance of a national holiday and accordingly, today’s trades in the BIST will settle on Friday, 16-July.
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.