Turkey Wake-up call: Macro, Political and Equity News, 20th January
BIST jumped 3.14% yesterday as stocks staged a decent comeback in the afternoon following Tuesday's plunge. Banks gained 5.64% on average, outperforming for the second day in a row. MAVI, AKSA, and SARKY were the only decliners in the BIST100 space while FROTO, SAHOL, TOASO, PETKM, KCHOL, TUPRS, ALARK, DEVA, AKSEN, and OYAKC topped the non-bank gainers. Coming to this morning, our key macro agenda highlight will be the monthly Monetary Policy Council meeting with the decision on policy rates due at 2PM local time. Participants in the Bloomberg survey unanimously expect the MPC to keep its benchmark weekly repo rate unchanged at 14.00% after cumulative cuts of 500bps in the past four months. We predict an uptick open for the BIST given the better sentiment in global markets. S&P futures are up over 0.3% but we note the 1.1-1.3% overnight losses after the hour we left while Asian bourses are mostly trading in the green. Lira is a tad weaker with USDTRY approaching the 13.46 mark vs 13.44 at yesterday's BIST closing bell.
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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