Turkey Wake-up call: Macro, Political and Equity News, 7th September
BIST increased 0.93% on Friday thanks to institutional buyers in various blue chips and in defiance of the sell-off in global markets. Benchmark BIST100 opened lower at 1,073 in early trades on Friday before turning north and quickly reversing its losses. Rest of the day saw trading in positive territory and a strong close. Banks lagged with an average 0.54% gain. FROTO, TOASO, ARCLK, Sisecam group names, TCELL, TKFEN, ENKAI, THYAO, MPARK, and EGEEN were among the top gainers while CCOLA, DOAS, ALARK, AKGRT, CLEBI, and AKSEN fell behind. Today, our local macro agenda involves the Treasury's cash budget balance for August'20 to be disclosed at 5:30PM local time. We foresee a slight positive open for the BIST given the strong overnight recovery in main U.S. indices that added c.1.2-1.6% after the hour we left while U.S. futures are down 0.3% in early trades and Asian markets present a mixed picture this morning.
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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