Turkey Wake-up call: Macro, Political and Equity News, 22nd December
BIST lost 1.70% yesterday as the sour sentiment in global markets amid fresh virus lockdowns and travel bans. After a downtick open that marked the highest point of the day, BIST100 index started to descend, especially after 1PM. Daily low of 1,370 was tested late in the afternoon before some rebound was seen in the last 1.5 hours. Banks fared more or less in line as their sector gauge lost 1.80%. OTKAR, ASELS, BIMAS, SELEC, HEKTS, CLEBI, KOZAL, ARCLK, ENJSA, and INDES led the non-bank gainers while PGSUS, THYAO, TAVHL, TUPRS, EKGYO, EREGL, TOASO, TKFEN, ISDMR, and AEFES were among the long list of decliners. We have a muted macro agenda for our day ahead and we predict a cautiously positive open for the BIST given the overnight rebound in American markets and a slight recovery in lira (USDTRY at 7.6630 vs 7.6750 at yesterday's closing bell). U.S. futures are down c.0.4% in early trades in partial reversal of the 1.3% overnight gains after the hour we left while Asian indices are almost all in the red as they play catch up with yesterday's losses in the Western hemisphere.
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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