Turkey Wake up call: Macro, Political and Equity News, 28th July
BIST added 0.31% yesterday as the strength in some key industrials made up for the weakness in banks (banking index was down 1.20%). After a positive open around the 1,200 mark, BIST100 index touched 1,203 twice in the morning part of the day, but softening led by banks in the afternoon trimmed part of the gains. ASELS, ULKER, GUSGR, YATAS, EGEEN, DOCO, CLEBI, and Koza Group names topped the gainers while THYAO, Sisecam stocks, SOKM, ALKIM, and TRGYO stood out as weaker spots among non-banks. Today, our macro agenda is muted while we anticipate a downtick open for the BIST given the overnight volatility in lira although bulk of the losses are recovered. USDTRY is at around 6.8680 in early trades vs 6.8539 at yesterday's closing bell and after touching a high of 6.9835 around 8PM last night. U.S. futures are barely changed and Asian markets are trading mixed. We kindly remind that the BIST will be closed in observance of the Eid holiday after a half-day trading on Thursday until next Tuesday. Accordingly, trades of today will settle on Tuesday, 04-August.
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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