Turkey Wake-up call: Macro, Political and Equity News, 6th July
BIST climbed 1.16% yesterday amid selective institutional buying in blue-chips led by banks. After some initial wobble, BIST100 index turned north and climbed to 1,385 in the first hour of the session and found further momentum in the afternoon to close at its daily summit. Banks outperformed with the 2.21% gain for their sector index as heavyweights GARAN and AKBNK seemed to catch some bids. THYAO, SAHOL, KRDMD, ASELS, DOAS, KRVGD, BRISA, and TKNSA topped the non-bank gainers while Koza Group names, ENKAI, LOGO, and TTRAK were some of the rare decliners for the day. Today, on the macro front, Central Bank will release the June'21 real effective FX rate at 2:30PM local time. The CPI-based index is expected to inch up in recovery from its almost all-time-low of 60.55 for previous month given ~0.8% depreciation of lira vs the currency basket falling below the 1.94% headline CPI print for June. We predict a flattish open for the BIST in absence of major triggers in peer markets. Lira is barely changed with USDTRY stuck in the 8.66-8.67 range. U.S. futures are down a few points while Asian indices are trading mixed.
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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