Turkey Wake-up call: Macro, Political and Equity News, 3rd November
BIST jumped 1.91% yesterday as the optimism in global markets seemed to have lured some institutional buyers to Turkish stocks as well. After a cautious uptick start, BIST100 gradually climbed to 1,143 level around mid-day followed by a partial reversal of gains and sideways trading in the afternoon hours. Banks lagged the broader market with the 0.52% gain in their sector index. KRDMD, EREGL, ASELS, aviation stocks, ENJSA, FROTO, SISE, and TCELL led the gainers in the non-bank universe while ARCLK, MAVI, TTRAK, VESTL, and PETKM were among the rare decliners for the day. Today, our local macro agenda highlight will be the October'20 inflation numbers due at 10AM local time. Bloomberg consensus CPI at +2.15% and PPI at 1.10%. We anticipate another positive open for the BIST as the bullish sentiment prevails in global markets ahead of today's elections in the U.S. S&P futures are up 0.5% in early trades and Asian equity indices are almost all trading in the green with gains reaching 1-2%. Lira remains weak with USDTRY hovering around the 8.44 mark although we have to note that the BIST shrugged off yesterday's slide in lira.
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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