Turkey Wake-up call: Macro, Political and Equity News, 27th September
BIST lost 1.20% on Friday as Thursday's surprise rate cut continued to haunt lira as well as stocks led by banks. Index was down 2.45% for the whole week. Banks lost 2.98% on average as HALKB and GARAN underperformed their peers. TAVHL, THYAO, KORDS, ENKAI, KARSN, and HEKTS topped the rare gainers in the BIST100 space while grocery chains, DOAS, KOZAA, KRDMD, DEVA, ENJSA, and CCOLA were some of the weakest non-banks. Coming to this morning, our local macro agenda is quiet. We anticipate an uptick open for the BIST given a better sentiment abroad this morning while continued pressure on the lira (USDTRY around the 8.88 mark vs 8.8631 at Friday's closing bell) may create headwinds. S&P futures are up almost 0.4% while Asian equity indices present a mixed picture.
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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