Market Watch (Şeker Yatırım)

Market Watch - Wednesday, September 13, 2023
Outlook:
The BIST 100 Index started Tuesday on a positive trend, fluctuated amid sales led by banks and ended the day at 8,159.90, up 0.16%. While the Banking Index decreased by 1.85%, the Industrial Index rose 0.30%. After the strong short-term rally at the BIST profit sales are experienced due to the loss of momentum in domestic and international investor demand and the absence of any significant expectations. Although there may be occasional reaction purchases in the market, we think that these will offer a selling opportunity for the short term. However, since the high inflation and negative real interest environment will continue for some time yet, profit-taking will in turn present a buying opportunity for the medium term. In addition, the meeting of Minister of Treasury and Finance Mehmet Simsek with foreign investors in the USA on September 19 may keep expectations alive, prompting buying. Risk appetite remains weak in major global stock markets ahead of the US CPI data to be announced today. The global stock markets mostly ended Tuesday with sales, and this morning the U.S. futures, German DAX futures, and Asian Stock Markets are generally in selling mode. Annual CPI in the USA is expected to rise to 3.6% in August (previously: 3.2%). If the data exceeds this, the expectation that the Fed will continue to increase interest rates may strengthen and further suppress risk appetite. Data below expectations may support risk appetite. The VIOP-30 Index ended the evening session up 0.12%. The Benchmark Index will likely start Wednesday with a positive trend and the fluctuating weak course will continue with any rises in turn inviting selling. SUPPORT: 8,080 - 7,960 RESISTANCE: 8,239 - 8,317.
Money Market:
The Lira was negative yesterday, weakening 0.06% compared to the USD to close to 26.9001. In addition, the currency appreciated by 0.02% 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 20.76%, unchanged from its previous closing.
Company News:
Pegasus (PGSUS.TI; OP) has released its monthly traffic figures for August 2023. The carrier's total PAX rose by 13% YoY in August 2023, and the load factor declined by 1.7 pp YoY to 88.1%. Domestic PAX rose by 7% YoY to 1.22mn in August 2023. International PAX improved by 17% YoY to 2.13mn for the month. The domestic load factor has declined by 0.6 pp YoY to 94.3% for the month, while the international load factor declined by 1.9 pp YoY to 85.0%.
Sisecam (SISE.TI; OP) has announced that a total of 1,222,000 nominal shares (total amount of TRY 66,012,440) were repurchased within a price range of TRY 53.45 - TRY 54.35 per share (average price TRY 54.02) at the BIST on September 12, 2023. Total repurchased shares to date correspond to 1.514% of the company's capital (including the disposal of a portion of the repurchased shares).
TSKB (TSKB.TI; OP) has issued a sustainable Eurobond with a nominal value of USD300mn. The redemption date is October 19, 2028, and the instrument has a maturity of 5 years and 1 month, with coupon payments every 6 months. The coupon rate was at 9.375%.
As may be recalled, the coupon rates were 9.25% and 9% for Yapi Kredi Bank (YKBNK.TI; OP) and Vakifbank's (VAKBN.TI; MP) latest Eurobond issues with coupon payments every 6 months, respectively.

Şeker Yatırım Menkul Değerler A.Ş.
www.sekeryatirim.com
 

                                  ***
                               Yasal Uyarı
 
  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.