Turkey Wake-up call: Macro, Political and Equity News, 14th October
BIST retreated 0.23% yesterday as the afternoon selling erased earlier gains and put an end to the 4-day winning streak. Benchmark BIST100 index tested the 1,432 peak at around midday before turning south, especially after the U.S. inflation data. Banks underperformed the broader market with the 1.21% loss in their sector index. Automotive stocks led by FROTO, MAVI, BRISA, TAVHL, ARCLK, and THYAO were among the fewer gainers in the BIST100 space while TUPRS, DOAS, AYGAZ, TRGYO, CCOLA, and AKSEN topped the decliners. Our local macro agenda for the day ahead is muted and we anticipate a downtick open for the BIST given the weakness in lira (USDTRY at 9.16 level vs 9.0708 at yesterday's closing bell) following last night's overhaul of the Central Bank's Monetary Policy Committee. Meanwhile, S&P futures are up 0.4% in early trades and Asian stock markets are mostly trading in the green.
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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