Market Watch - Tuesday, June 27, 2023
Outlook:
The BIST100 Index started Monday on a positive trend, maintaining its course throughout the day. The Benchmark Index renewed its peak at 5,749.66 to close at 5,732.86, up 2.69%. Stocks of high index weight such as THYAO, TUPRS and SASA made the highest contribution to the Index on a points basis, where the Industrial Index rose by 3.02% and the Banking Index by 2.79%. We expect the rise in the BIST 100 to continue in the short term led by exporters and/or companies with high FX assets that are positively affected by the rise in exchange rates and the ongoing negative real interest policy despite profit-taking. In the medium term, direction will become clear once the steps to be taken and the new economy program are announced. Profit realization in major global stock markets, which started with weak economic data and the message of continued interest rate hikes by Central Banks, persists, albeit to a limited extent. Yesterday, the U.S. and European Stock Markets closed the day with sellers. This morning, there were reactionary purchases in the U.S. futures and German DAX futures, and Asian Stock Markets are generally bullish. The VIX was at 14 pointing to low volatility and selling pressure in the U.S. Stock Markets. For the rest of the week, the U.S. GDP growth data out on Thursday and the CPI figures in the Euro Zone may impact risk appetite. The VIOP-30 Index closed the evening session flat. Locally, we expect the Benchmark Index to start half-day trading positively. The rise may therefore continue amid perceived buying opportunities, despite intraday profit-taking before the long holiday. Due to the holiday, trading volume may be limited. SUPPORT: 5,540 - 5,478 RESISTANCE: 5,640 - 5,730.
Money Market:
The Lira was negative Monday, weakening 2.56% compared to the USD to close to 25.9157. In addition, the currency depreciated by 2.81% against the basket composed of $0.50 and €0.50. The ten-year benchmark bond was flat, ending at 16.79%, 36 bps above its previous closing.
Company News:
Fitch has upgraded Coca-Cola İcecek's (CCOLA.TI; OP) Long-Term Issuer Default Rating by one notch to 'BBB' from 'BBB-'. The outlook is "Stable". Fitch also upgraded the Local-Currency Issuer Default Rating and Senior Unsecured Long-Term Ratings to 'BBB', while affirming the National Rating of AAA (tur) with Stable Outlook. The rating upgrade reflects CCI's continued strong operating profitability and successful execution of its expansion plan, leading to an almost doubling of revenue and EBITDA in 2022 YoY (Positive).
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