Turkey Wake-up call: Macro, Political and Equity News, 23rd September
BIST jumped 1.58% yesterday as the late afternoon buying in a bunch of blue-chips drove the market higher amid improving sentiment in global markets. Banks led by GARAN and YKBNK fared better than the broader market with the 2.26% increase in the sector index. EREGL, TTKOM, PGSUS, MGROS, KRDMD, TOASO, PETKM, and NTHOL topped the non-bank gainers while CCOLA, CIMSA, KRVGD, and DEVA were among the handful decliners. 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 almost unanimously (only one contributor anticipating a 50bps cut) expect the MPC to keep its benchmark weekly repo rate unchanged at 19.00% for the sixth month running. We project a slight positive start for the BIST given prevailing optimism abroad while the pressure on lira (USDTRY approaching 8.67 mark vs 8.6428 at yesterday's closing bell) ahead of the MPC meeting may create some headwinds. U.S. futures are up 0.3% in early trades and Asian equity benchmarks are almost all trading in the green.
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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