Turkey Wake-up call: Macro, Political and Equity News, 16th December
BIST eked out a 0.21% gain yesterday in the thirteenth consecutive day of its winning streak, but the breadth of the market visibly narrowed with only 21 gainers vs 77 decliners among the BIST100 constituents. Banks lost 1.25% on average amid profit taking. Strength in heavyweights like KCHOL, BIMAS, EREGL, THYAO, TCELL, ENKAI, and TUPRS kept the market afloat while TTKOM, ASELS, SISE, EKGYO, ENJSA, TOASO, GOZDE, and ODAS topped the longer list of non-bank decliners. Coming to this morning, our key agenda will be the monthly Monetary Policy Council meeting with the decision on policy rates due 2PM local time. Consensus (Bloomberg survey) calls for a median 100bps reduction in the benchmark weekly repo rate to 14.00% while the expectations are scattered in a wide range between no change to a 200bps rate cut. We predict a positive start for the BIST given the upbeat sentiment in global markets and the weakness in lira (USDTRY above the 14.90 mark vs 14.7875 at yesterday's closing bell) that has been a key driver for Turkish stocks lately. U.S. futures are up 0.3% in early trades on top of the 1.4-1.8% overnight surges in the main indices after the hour we left and Asian markets are almost all trading in the green.
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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