Market Watch (Şeker Yatırım)

Market Watch - Tuesday, December 19, 2023
Outlook:
The BIST100 Index started Monday positively before resuming a selling trend throughout the day and closing at 7,790.42, down 2.54%. While the Industrial Index lost 3.10%, the Banking Index diverged positively, up 0.03%. The rising attractiveness of alternative investment instruments, expectations that inflation accounting will negatively affect companies, and pressure created by the rise in stock loan interest rates continue reflecting at the BIST. In the case of banking stocks; sales are limited due to the decline of the country risk premium CDS to below 300, the determined implementation of rational policies, and the effect of interest rate increases. Despite short-term profit-taking, we think that in the medium term sharp retreats at the BIST will present a buying opportunity led by bank stocks. In global markets, risk appetite remains strong with the expectation that interest rate hikes are coming to an end. Yesterday, while the U.S. Stock Markets closed with increases, European and Asian Stock Markets were mixed. This morning, German DAX futures are seeing buyers, while the U.S. and Asian Stock Markets are mixed. CPI data will be followed in the Euro Zone today. We expect global risk appetite to remain strong as long as data supports the perception that interest rate hikes are over. The domestic VIOP-30 Index ended the evening session down 0.04%. Locally, we expect the Benchmark Index to start Tuesday with limited reactionary purchases. A continued intraday uptrend will offer investors a selling opportunity, perpetuating the fluctuating weak course. SUPPORT: 7,747 - 7,656 RESISTANCE: 7,870 - 7,962.
Money Market:
The Lira was negative yesterday, weakening 0.49% compared to the USD to close to 29.0588. In addition, the currency depreciated by 0.47% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were positive. The ten-year benchmark bond was traded within a range of 25.44%-25.73%, ending the day at a low of 25.44%, 21 bps below its previous closing.
Company News:
Halkbank's (HALKB.TI; MP) Board has authorized its management to issue up to TRY10bn in Tier 2 capital of different types and maturities.
Sisecam (SISE.TI; OP) has announced that a total of 750,000 nominal shares (total amount of TRY 35,610,000) were repurchased within a price range of TRY 47.24 - TRY 47.64 per share (average price TRY 47.48) at the BIST on December 18, 2023. Total repurchased shares to date correspond to 1.676% of the company's capital (including the disposal of a portion of the repurchased shares).


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