Turkey Wake-up call: Macro, Political and Equity News, 8th November, Global Securities
BIST added 0.50% on Friday thanks to an afternoon rebound following some weakness in morning hours, carrying its weekly gains to 4.04%. Banks climbed 0.89% on average with GARAN and ISCTR outperforming and the two state lenders lagging their peers. Aviation stocks, SAHOL, KCHOL, PETKM, MPARK, AKCNS, and EGEEN led the non-bank gainers while AEFES, KRDMD, ULKER, KARSN, AKSEN, and KORDS were among the weaker spots. Coming to the start of the new week, our local macro agenda is mostly muted except for the Treasury's issue of 13-month discount bonds in its single domestic borrowing auction. Will hold two more auctions tomorrow ahead of this week's TL4.94bn of local redemptions. We anticipate a downtick open for the BIST as the global bourses are mostly in profit-taking mood this morning while some gains in lira (USDTRY at 9.67-68 range vs 9.7053 at Friday's closing bell) may provide a cushion for Turkish stocks. U.S. futures are down 0.2% in early trades on top of some 0.3% overnight declines after we left on Friday and Asian equity gauges are mostly trading in the red.
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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