Turkey Wake-up call: Macro, Political and Equity News, 15th March
BIST ascended 1.69% yesterday in a broad-based move supported by general optimism in European markets as well as stock-specific news. Following a wobbly start, BIST100 index gained traction after 11AM and spent the majority of the session in a tight range between 2,080 and 2,090. Banks added 1.11% on average with ISCTR and YKBNK leading peers. FROTO, KCHOL, SAHOL, DOAS, ALARK, GLYHO ISMEN, YATAS, and ARCLK stood out among the non-bank gainers while Koza Group stocks, TTKOM, KRDMD, TUPRS, KRVGD, ARDYZ, and AKSEN led the fewer decliners for the day. Today, our local macro agenda involves the residential sales data for February22 at 10AM local time. Home sales had climbed 25.1% yoy to 88k units in January on the back of 69.4% surge in mortgage-backed transactions as consumers sought wealth protection in real estate amid currency volatility. Separately, February'22 central government budget numbers will be released at 11AM local time. BIST seems off to a negative start given the sour sentiment in international peers this morning. U.S. futures are down 0.6% on top of the 1.2-1.6% overnight losses after we left and Asian equity indices outside of Japan are mostly trading in the red.
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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