Turkey Wake up call: Macro, Political and Equity News, 30th July
BIST lost 1.49% yesterday as the selling pressure from Tuesday continued amid investor jitters on increased lira volatility. After a small positive open and testing of 1,155 levels in early trades, market turned south in the morning trades. Selling pressure intensified in the afternoon with banks again feeling the brunt of the slide. Banking index dropped 2.81% while HALKB bucked the sell-off seemingly on its share buyback. ENKAI, FROTO, TOASO, KOZAL, INDES, GOZDE, and healthcare/pharma stocks were among the rare gainers of the day while PETKM, TTKOM, AEFES, ASELS, BIMAS, BIZIM, aviation stocks, and Sisecam group names topped the non-bank decliners. Today, our local macro agenda involves TurkStat's June’20 Economic Confidence Index due at 10AM local time. The index had jumped 19.1% on a sequential basis to a 3-month high of 73.5 in June in the second consecutive month of recovery after touching its all-time low of 51.3 in April during the peak of the virus pandemic concerns. Separately, BRSA will release the banking industry aggregates for June'20 at 2PM local time. Cumulative industry profits stood at TL5.173bn in June'19 and at TL7.586 bn in May'20. BIST seems off to a sideways open in absence of visible triggers in either direction. U.S. futures are down 0.2% in early trades while Asian equities are trading mixed. USDTRY is hovering around 6.97-.98 range after touching over 7.00 during last night. To remind, BIST will be trading only half a day today before being closed until next Tuesday morning for the Eid holiday. Accordingly, continuous trading will stop at 12:30PM, followed by a closing auction where the uncrossing will take place at 12:35PM and trades at closing price will be executed between 12:38-12:40PM. Trades of today will settle along with those executed yesterday all on Wednesday, 05-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.
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