Market Watch(Şeker Yatırım)

Outlook:
On February 8, 2023, Borsa Istanbul announced that the transactions of the Equity Market and Equity & Equity Derivatives Markets within the Futures and Options Market were suspended until Tuesday evening, 14 February 2023.
Money Market:
The Lira was negative on Friday, weakening 0.03% compared to the USD to close to 18.8327. In addition, the currency appreciated by 0.38% 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 tight range of 11.30%-11.32%, ending the day at a low of 11.30%, 9 bps below its previous closing.
Headlines:
Balance of Payments data for December will be announced today. The market expectation is for a deficit of USD5.45 billion. As Seker Invest, we expect a slightly higher current account deficit of USD5.7 billion. Our detailed analysis after the data emerges will be published within the day.
*** Industrial Production rises 1.6% monthly in December and contracts 0.2% year-on-year, the key leading indicator of past quarter growth data points to a slowdown: Calendar adjusted production increased by 1.6% month on month and contracted by 0.2% year-on-year in December, according to Industrial Production Index data. The recovery in monthly production data after the slowdown in November shows that the improvement in financial supports and expectations supports production, albeit to a limited degree. On the other hand, with the introduction of the base effect, annual production data has contracted compared to the previous year. Last quarter leading indicators; data such as industrial production and manufacturing PMI have made a slowdown in the economy almost certain. The natural disaster, especially affecting certain industrial regions, will significantly disrupt production data for the first quarter of 2023. Although the global supply shock pressure decreased after the relative weakening of recession concerns, domestic indicators will be the main determinant of the course of production data in the new period. In the first half of the year, we anticipate a significant deviation from the long-term production path.
When we examine the sub-sectors, the mining and quarrying sector index decreased by 1.1% in November compared to the same month of last year, the manufacturing industry sector index increased by 0.5% and the electricity, gas, steam and air conditioning production and distribution sector index decreased by 8.5%. In terms of monthly changes, the mining and quarrying sector index increased by 2.3% and the manufacturing industry sector index by 1.7% compared to the previous month, while the electricity, gas, steam and air conditioning production and distribution sector index decreased by 0.2%. The recovery in monthly production data has kept the annual contraction limited. Positive momentum in the manufacturing industry shows that the long-term production series and its contribution to growth will continue. Our expectation that the average production cycle would return by the first quarter of 2023 will be delayed by one or two quarters. Considering the means of production, supply chain and the extent of destruction in the earthquake zone, contraction in production indicators is inevitable. For our detailed analysis, please click the link;
Company News:
VakifBank (VAKBN.TI; MP) has raised its total buyback limit to a TRY1bn nominal value and TRY150mn nominal shares from a TRY500mn value and TRY100mn nominal shares.
January 2023 Foreign activity at Borsa Istanbul: In January 2023 foreign investors were net sellers of Turkish equities at Borsa Istanbul to the tune of USD 674.5mn. Among the top-five most sold stocks: Erdemir (EREGL.TI; MP) on USD 314.1mn, was followed by Akbank (AKBNK.TI; OP), Yapi Kredi (YKBNK.TI; OP), Turkcell (TCELL.TI; OP) and Sabanci Holding (SAHOL.TI; OP). Meanwhile, the top-five most bought stocks were: Tupras (TUPRS.TI; OP) on USD 92.1mn, being the most active, followed by Pegasus (PGSUS.TI; OP), Tofas (TOASO.TI; OP), Turkish Airlines (THYAO.TI; OP) and Gubre Fabrikalari (GUBRF.TI; N/C).

Şeker Yatırım Menkul Değerler A.Ş.
www.sekeryatirim.com
 

                                  ***
                               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.