Market Watch (Şeker Yatırım)

Market Watch - Thursday, September 14, 2023
Outlook:
The BIST100 index started Wednesday on a positive trend, yet failing to maintain its strength closed at 8,013.89, down 1.79% with increased profit sales. The Banking Index fell 1.26% and the Industrial Index lost 2.08%. After the strong short-term rally at the BIST profit-taking is 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 reactionary purchases in the market, we think that these will offer a selling opportunity for the short term. That being said, 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. According to the communiqué published in the Official Gazette, the CBRT has changed the reserve requirement for FX protected accounts. We think this may have a negative impact on bank stocks due to additional costs to be incurred by the banking system. Among the major global markets, the U.S. CPI inflation data announced yesterday was at 3.7%, slightly above the annual expectation of 3.6%. The expectation that the Fed may continue to increase interest rates is gaining strength. While major stock markets ended the day with mixed movements yesterday, this morning U.S. futures, German DAX futures and Asian Stock Markets are on a positive trend. The VIOP-30 Index ended the evening session up 0.20%. The BIST100 will likely start Thursday with a positive trend and the fluctuating weak course will continue with any rises in turn inviting selling. SUPPORT: 7,977 - 7,880 RESISTANCE: 8,082 - 8,185.
Money Market:
The Lira was negative yesterday, weakening 0.15% compared to the USD to close to 26.9417. In addition, the currency depreciated by 0.21% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were negative. The ten-year benchmark bond was ending at 22.38%, 1.62 pp above its previous closing.
Headlines:
According to the communiqué published in the Official Gazette, the CBRT has changed the reserve requirement for FX protected accounts. The reserve requirement ratio of 15%, which was previously applied for all maturities, is raised to 25% for maturities up to 6 months and reduced to 5% for maturities of 1 year and longer. Considering the size of FX-protected deposit accounts (TL 3.3 trillion) and the average maturity of deposits, this implies a withdrawal of approximately TL 330 billion of liquidity from the banking system. The implementation, which is intended to reduce the attractiveness of FX-protected accounts and impose additional costs on the banking system, also aims to reduce the amount available for lending through reserve requirements. Macroprudential measures continue to support the tight monetary policy as stated in the MPC decisions.
Company News:
Aksa Energy (AKSEN.TI; OP) has announced receiving the pre-license rights for a 140.91 MW wind power plant with storage in Eskisehir, and a wind power plant with storage with an installed power of 551.95 MW. The company's total installed power is set to reach 701.95 MW (Positive).
Turkcell (TCELL.TI; OP) is to pay a cash dividend of TRY 1.027 gross (TRY 0.9245 net) per share. This corresponds to a dividend yield of 1.56% (gross) according to the latest closing price. The dividend pay date is 20th December.

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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.