Turkey Wake-up call: Macro, Political and Equity News, 7th June
BIST edged up 0.34% on Friday as small scale daily moves continued, carrying its weekly cumulative gains to 0.76%. Benchmark BIST100 index spent almost all of the day in positive ground as banks fared a bit better with the 0.74% gain in their sector index amid selective institutional inflows. FROTO, KOZAA, IPEKE, TAVHL, TCELL, TTKOM, and KRDMD led the non-bank gainers for the day while SAHOL, ARCLK, YATAS, HEKTS, KARSN, and GOODY were some of the weaker spots. Today, our local macro agenda showcases the Treasury's cash budget balance for May'21 to be disclosed at 5:30PM local time. Separately, Treasury will reissue 4-year fixed-rate bonds and issue 10-year CPI-linkers in double domestic borrowing auctions. Will hold three more placements tomorrow ahead of this week's hefty TL23.56bn redemption. We anticipate a flattish open for the BIST given mixed signals from abroad while lira is a tad weaker (USDTRY above the 8.67 mark vs 8.6625 at Friday's closing bell) in early trades. U.S. futures are down a few points while Asian markets are moving in different directions.
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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