Turkey Wake-up call: Macro, Political and Equity News, 2nd February
BIST increased 1.29% yesterday as the rebound in global equities as well as the strength in lira propped up Turkish stocks. BIST100 index opened on an uptick and spent almost all of the day in the positive territory. Daily peak of 1,501 was touched in late afternoon followed by some profit taking, but bulk of the gains were preserved by the close. Banks added 1.49% on average as heavyweights GARAN and AKBNK caught some bids. FROTO, KOZAL, OTKAR, SELEC, TOASO, ODAS, CIMSA, and ENJSA topped the non-bank gainers while THYAO, BIMAS, GUBRF, VESTL, KORDS, and AYGAZ were among the fewer decliners. Today, we have a muted local macro agenda while we anticipate a positive open for the BIST given prevailing optimism in global markets. U.S. futures are up 0.5% in early trades and Asian equity benchmarks are all trading higher. Lira is holding onto yesterday's gains with the USDTRY below the 7.19 mark.
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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