Turkey Wake-up call: Macro, Political and Equity News, 14th June
BIST lost 1.30% yesterday as the sell-off in global markets partially weighed on Turkish stocks despite some packets of resilience. Banking sector was obviously one of them with the 0.17% gain in their index amid strength in ISCTR and HALKB. KCHOL, TUPRS, SAHOL, BIMAS, MAVI, TKFEN, CIMSA, and HEKTS were some of the rare gainers in the BIST100 space while steelmakers, FROTO, ALARK, SOKM, ENKAI, KORDS, OYAKC, BRISA, and AKSEN topped the long list of decliners. Coming to this morning, our local macro agenda is quiet, apart from the Treasury's auctions of 10-year CPI-linkers and 5-year fixed-coupon bonds, wrapping up this month's relatively easier borrowing programme. Domestic redemption is TL15.61bn for the week while the total for the month stands at TL19.22bn vs a domestic borrowing target of TL28bn while Treasury has already raised TL17.95bn in the four auctions held so far. We anticipate an uptick start for the BIST given the 1.3% rebound in U.S. futures this morning while Asian bourses are mostly trading in the red as they catch up with yesterday's losses in the Western hemisphere.
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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