Turkey Wake-up call: Macro, Political and Equity News, 18th November
BIST lost 2.57% as profit taking was the name of the game after the recent rally. Benchmark BIST100 opened on a downtick and descended almost uninterruptedly for the rest of the day. Banks felt the heat with the 5.31% plunge in their sector index. Outperformers of the pandemic lockdowns like retailers, pharmaceutical/healthcare stocks, foodstuff producers were back in fashion while aviation names, KCHOL, SAHOL, PETKM, DOAS, KRDMD, MAVI, ALCTL, and AGHOL topped the long list of non-bank decliners. Today, our local macro agenda is muted while we will be eyeing President Erdogan's speech at the economy council of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) at 2PM local time. BIST seems headed for a sideways start given mixed signals from abroad. S&P futures are down 0.35% in early trades but we note the 0.5-0.7% overnight recovery in major American indices after the hour we left while Asian equity markets present a mixed bag. Lira is stable with the USDTRY around 7.74 mark vs 7.7350 at yesterday's BIST close.
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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