Market Watch(Şeker Yatırım)

Outlook:
On February 8, 2023, Borsa İstanbul announced that the transactions of the Equity Market and Equity & Equity Derivatives Markets within the Futures and Options Market were suspended. The transactions of the Equity Market and Equity & Equity Derivatives Markets within Borsa Istanbul have been suspended until Tuesday evening, 14 February 2023.
Money Market:
The Lira was positive yesterday, gaining 0.01% compared to the USD to close to 18.8270. In addition, the currency depreciated by 0.18% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were relatively flat. The ten-year benchmark bond was traded within a range of 11.32%-11.43%, ending at the 11.39%, 3 bps below its previous closing.
Headlines:
Industrial Production and Unemployment data for December will be announced today. Our expectation of contraction in Industrial Production and the Employment market continues. We will publish our detailed analysis within the day after the data is released.
Sector News:
Total $2.7bn fall in FC deposits (in $ terms) over the past three weeks. According to BRSA data as of February 3, 2023, FC deposits (in $ terms) fell by USD463mn WoW (-0.2%) to USD222.8bn. This brings the cumulative decline to USD2.7bn (-1.2%) over the past three weeks.
There was a visible 1.0% rise in FC deposits (in $ terms) WoW at state deposit banks. For foreign and private deposit banks FC deposits fell by 0.3% and 1.2% weekly. The share of FC deposits in total deposits fell by 10bps weekly to 45.5%.
Currency-protected TRY deposit growth further improved. Weekly growth improved to 3.5% from 1.5% in the prior week. Total volume reached TRY1,456bn (USD78bn), corresponding to 34.8% of the total FC deposit base.
USD717mn (+0.9%) weekly rise in commercial institutions' FC deposits. Individual FC deposits (in $ terms) fell USD1.2bn (-0.9%) weekly to USD136.3bn. Commercial institutions' FC deposits (in $ terms) rose by USD717mn (+0.9%) WoW to USD81.6bn. Lastly, official and other institutions' FC deposits (in $ terms) rose by USD23mn weekly (+0.5%).
Steep 3.5% weekly rise in individual deposits and TRY deposits. On the TRY side, sector deposits rose by TRY13bn weekly (+0.3%). Individual deposits rose by TRY91bn (+3.5%), while those of commercial institutions fell by TRY59bn (-3.3%) weekly. Other institutions' TRY deposits declined by TR20bn (-3.2%) WoW.
Company News:
Due to Turkish Airlines (THYAO.TI; OP) stronger than expected performance, Fitch has raised THY Incorporation's Long-Term Foreign and Local-Currency Issuer Default Ratings (IDR) to ‘B+' from 'B', one-notch above Türkiye's sovereign rating. The outlook is also affirmed as 'negative'. Fitch has also affirmed the BB- rating on THY’s USD-denominated Enhanced Equipment Trust Certificate (EETC) issued in 2015 (Positive).

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                               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.