Turkey Wake up call: Macro, Political and Equity News, 26th June
BIST slipped 0,27% yesterday parallel to the risk-off sentiment in global markets amid the expectations of second wave for Covid-19. After a flattish market opening, BIST100 retreated drastically to 113.4k at the first hour. BIST recovered some losses but continued slight negative with the expectations for the policy rate decision of Central Bank of Turkey. Unlike 25 bps cut expectations, the Central Bank of Turkey kept the policy rate unchanged at 8,25%. The policy rate decision had a neutral impact on BIST which ended slightly negative. Banking index remained flattish on average as GARAN, ISCTR, VAKBN and YKBNK. However, HALKB over performed and AKBNK underperformed. EREGL, TKFEN, KCHOL, ENKAI, SASA, ZOREN, TTRAK, ODAS, AKSEN and ISDMR topped the gainers among non-financials while BIMAS, TCELL, GUSGR, GUBRF, KRDMD, FROTO, SISE, MGROS, PGSUS, CCOLA and KOZA group stood out as weak spots for the day. Today, we do not have a significant macro agenda for Turkey while we predict a slight positive open for the BIST given the similar outlook for European majors and U.S futures which recovered their losses after BIST’s closure. U.S. futures present a flattish picture while Asian equity markets have a positive outlook for today.
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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