Market Watch(Şeker Yatırım)

Market Watch - Wednesday, June 7, 2023
Outlook:
The BIST100 Index started Tuesday flat, fluctuated throughout the day and closed 5,388.80, up 0.30%. Stocks of high index weight such as SASA and FROTO supported the Index, while the Banking Index diverged negatively, down 0.46%, and the Industrial Index gained 0.72%. Expectations that monetary and fiscal policies will normalize with the change in economic management continue to support Borsa İstanbul. We expect the statements to be made and the steps to be taken in the coming period to guide the markets in the medium-long term. Risk appetite is maintained in major global stock markets. The probability that the Fed will keep interest rates unchanged at next week's meeting is priced at 80%. Yesterday, the U.S. and European Stock markets ended the day one a rise. While the U.S. futures and Asian Indices are mixed this morning, German DAX futures are following a bullish trend. The VIX is close to 13, the lowest level since December 2021, indicating that selling pressure and volatility in the U.S. Stock Markets have subsided. Domestically, the VIOP-30 index closed the evening session up 0.46%. The rise in the USDTRY rate following the election continues this morning as well. We think that if the rise continues, it may cause fluctuations in the market. Locally, we expect the Benchmark Index to start the day with a positive trend, prompting a buying opportunity even if pullbacks occur. The uptrend will continue in the short term. SUPPORT: 5.314 - 5.204 RESISTANCE: 5.440 - 5.503.
Money Market:
The Lira was negative yesterday, weakening 1.26% compared to the USD to close to 21.5225. In addition, the currency depreciated by 1.13% 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 14.38%, 94 bps above its previous closing.
Company News:
Isbank (ISCTR.TI; OP) has received a dual-currency syndication for USD224mn and EUR388.25mn (Total amount: USD640mn) with 367-day maturity. The rollover rate was 83% (Garanti BBVA (GARAN.TI; OP): 73%, Yapı Kredi Bank (YKBNK.TI; OP): 72%). The all-in costs were Sofr+425bps and Euribor+400bps, respectively. For comparison, the rollover rate was 69% while all-in costs were lower at Sofr+425bps and Euribor+400bps for the bank's borrowing in November (Positive).
Sisecam (SISE.TI; OP) has announced signing a Letter of Intent on June 06, 2023 to commence partnership negotiations on becoming an investor in ICRON, a Turkish technology firm providing customer-centric optimized supply chain decision solutions. The move is in line with the company's objective of developing transformation and digitalization-oriented studies and investing in promising related technology companies and projects.



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