Turkey Wake-up call: Macro, Political and Equity News, 28th December
BIST climbed 0.31% in its third consecutive day of gains in continued rebound from last week's slump. Banks drove the market higher this time in partial reversal of their underperformance on Friday as the sector index was up 1.41% with YKBNK, AKBNK, and ISCTR leading the pack. TOASO, GUBRF, TMSN, HEKTS, OYAKC, ALARK, MAVI, and DEVA topped the non-bank gainers while ENKAI, ARCLK, BIMAS, TTKOM, PGSUS, TCELL, TAVHL, and SISE were among the weakest non-bank names. Coming to this morning, we have a muted local macro agenda. We anticipate a slight positive open for the BIST given the upbeat sentiment abroad and some weakness in lira (USDTRY around the 11.63 mark in early trades vs 11.4058 at yesterday's closing bell) that bodes well for industrial/exporter stocks. U.S. futures are down a few points but holding onto the bulk of overnight 0.6-0.7% overnight gains after we left and Asian bourses 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.
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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