Market Watch (Şeker Yatırım)

Market Watch - Wednesday, September 6, 2023
Outlook:
The BIST100 Index started Tuesday on a positive trend, fluctuated throughout the day and closed at 8,236.14, up 1.16%. The Banking and Industrial Indices rose by 3.93% & 0.80%, respectively. Despite strong domestic investor interest in the post-election period, but lost momentum recently, the BIST rose by nearly 80% without any significant correction thanks to foreign purchases. The expectation is that the high inflation and negative real interest rate environment will continue for a while, and that foreign investor interest will prevail in the medium term with the transition to rational policies being a positive catalyst for the BIST. However, we think that if the foreign outflows seen in the last three weeks continue the rise at the BIST may lose momentum. Yet in turn unless there is a satisfactory rise in TRY deposit rates, the decreases will be used as a buying opportunity. In addition, in the short term, the medium-term plan expected to be announced at 14:00 today and Mehmet Simsek's meeting with foreign investors in the USA on September 19 may remain a source of motivation for the index rise. The weakening of global economic data in major global stock markets continues to increase pressure on risk appetite. Yesterday, the U.S. and European Stock Markets closed the day with decreases, while futures continue to see selling this morning. The VIOP-30 Index ended the evening session flat. Locally, we expect the Benchmark Index to start Wednesday with a positive trend, and the uptrend will likely continue amid the apparent buying opportunity. SUPPORT: 8,170 - 8,090 RESISTANCE: 8,278 - 8,382.
Money Market:
The Lira was negative yesterday, weakening 0.03% compared to the USD to close to 26.7808. In addition, the currency appreciated by 0.29% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were relatively flat. The ten-year benchmark bond ending at 19.30%, unchanged from its previous closing.
Company News:
Sisecam (SISE.TI; OP) has announced that a total of 1,222,405 nominal shares (total amount of TRY 64,591,880) were repurchased within a price range of TRY 51.80 - TRY 53.35 per share (average price TRY 52.84) at the BIST on September 05, 2023. Total repurchased shares to date correspond to 1.421% of the company's capital (including the disposal of a portion of the repurchased shares).
TAV Airports Holding (TAVHL.TI; OP) has already announced signing a share purchase agreement to sell a 24% stake in Tibah Airports Development Company (TIBAH) for a consideration of USD 135mn to Mada International Holding, TAV's joint-venture partner, holding the other 50% of TIBAH shares. TAV confirms that the financial closing of the transaction has taken place and that the share sale has been executed. The transaction is expected to have a one-off positive effect of over EUR 70mn on TAV's income statement for the third quarter of 2023 (Positive).
The bookkeeping has been completed regarding Vakifbank's (VAKBN.TI; MP) sustainable bond issuance for its fixed rate bond with a nominal amount of USD750mn, a redemption date of October 12, 2028, maturity of 5 years 1 month, and coupon payments every 6 months. The yield and coupon rates were at 9.15% and 9%, respectively.

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  Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.