Turkey Wake-up call: Macro, Political and Equity News, 13th May
BIST lost 2.57% yesterday as the weakness in European markets shattered Turkish stocks' relative resilience amid institutional selling in a bunch of blue-chip names as well as the completion of the strong 1Q22 earnings season. Banking index was relatively better with the 1.84% daily drop as GARAN closed unchanged thanks to BBVA's ongoing tender call. SAHOL, EREGL, KRDMD, ASELS, PETKM, KCHOL, VESTL, KORDS, TKFEN, and FROTO topped the long list of decliners from the BIST100 constituents while TUPRS, OYAKC, ARCLK, SOKM, and SELEC stood out among the handful of gainers. Today, our local macro agenda involves March'22 Industrial Production numbers due at 10AM local time. Foreks survey consensus +8.5% yoy based on the estimates for calendar-adjusted series. We foresee a slight positive start for the BIST as global risk assets seem to be licking their wounds after the recent sell-off. U.S. futures are up 1% in early trades and Asian markets are almost all trading in the green with the most visible gains in key Japanese and Chinese benchmarks.
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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