Turkey Wake-up call: Macro, Political and Equity News, 18th November
BIST climbed 1.27% yesterday as the afternoon weakness in lira again seemed to have triggered buying in stocks led by industrials during the last hour of the session. Banks fell behind with the 0.05% meagre increase for their sector index as heavyweight GARAN faced some profit-taking this time. SISE, FROTO, EREGL, TUPRS, AYGAZ, EKGYO, TTRAK, ENKAI, and TTKOM spearheaded the market move while PETKM, BIMAS, SAHOL, GLYHO, and AKSA were among the few weak spots. Today, eyes will be on the monthly Monetary Policy Council meeting with the decision on policy rates due at 2PM local time. Consensus (Bloomberg survey) calls for a median 100bps reduction in the benchmark weekly repo rate (from 16.00% to 15.00%), while the expectations are scattered in a wide range between no change to a 150bps rate cut. We predict a sideways open for the BIST given the lower risk appetite in global markets this morning and further weakness in lira (USDTRY around the 10.89 level in early trades vs 10.5886 at yesterday's closing bell). S&P futures are up a few points while Asian equity benchmarks 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.
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