Turkey Wake-up call: Macro, Political and Equity News, 25th September
BIST climbed 1.53% yesterday in a move spurred by the rally in banking stocks following Central Bank's surprise 200bps rate hike. After a downtick open, benchmark BIST100 clawed back to the no-change line and traded in a tight range until the MPC announcement. The unexpected move triggered gains in lira and the stocks that carried the BIST100 index to 1120 levels where it closed. Banks gained 5.07% on average as the heavyweights caught some bids. SAHOL, KCHOL, ASELS, TTKOM, MGROS, TATGD, ALARK, and GOZDE topped the non-bank outperformers while TKFEN, KOZAL, TTRAK, ALKIM, SELEC, and NETAS were among the shorter list of decliners. Today, our local agenda is muted apart from Ministry of Tourism's tourist arrival numbers for August'20 due at 11AM local time. Foreign tourist arrivals had plunged 85.9% yoy to 0.93mn in July, bringing the cumulative YtD arrivals to 5.44mn visitors, down 78.0% from the corresponding period of 2019. We foresee a slight positive open for the BIST given sustained gains in lira (USDTRY at 7.6246 vs 7.6420 at yesterday's closing bell) this AM. U.S. futures are up c.0.6% in early trades while Asian markets are trading mixed.
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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