Turkey Wake-up call: Macro, Political and Equity News, 19th July
BIST lost 0.29% on Friday after a lackluster day following Thursday's national holiday and before this week's long Eid break. Early attempts in the BIST100 index to hop above the 1,370 mark could not be sustained amid weakness in banks. ARCLK, DOAS, KRDMD, MGROS, NTHOL, ZOREN, and LOGO led the daily gainers while FROTO, KOZAL, GUBRF, TAVHL, PGSUS, OTKAR, and AEFES were some of the weakest non-banks. Today, our local macro agenda includes July'21 Consumer Confidence Index compiled by TurkStat due at 10AM local. In the revised series, the index had climbed 5.8% on a sequential basis to a 3-month high of 81.7 in June. We anticipate a downtick start for the BIST given ongoing sour sentiment in global equity markets. U.S. futures are down about 0.35% in early trades and Asian markets are almost all trading in the red. Please note that the BIST will be trading only half a day today before being closed until next Monday morning for the religious Eid holiday. Accordingly, continuous trading will stop at 12:30PM local time, followed by a closing auction where the uncrossing will take place at 12:35PM and trades at closing price will be executed between 12:38-12:40PM. Trades executed in the BIST today will settle together with last Friday's trades on Tuesday, 27-July.
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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