Market Watch(Şeker Yatırım)

Market Watch - Wednesday, March 15, 2023
Outlook:
The BIST100 Index started Tuesday on a positive trend, then continued its fluctuating & weak course throughout the day to close at 5,207.32, down 2.18%. Stocks with a high index weight such as SASA, TUPRS, and THYAO suppressed the Index; the Industrial Index diverged negatively, down 2.41%, while the Banking Index diverged positively, down 0.33%. Profit realization may continue in the short term, although we maintain our positive expectation ahead of the elections. Political developments and expectations before the nation goes to the ballot box on May 14 could increase market volatility. Abroad, CPI data from the USA printed in line with expectations yesterday. Yet the possibility of the Fed skipping an interest rate hike this month, with the contribution of rising risk for the banking sector, led by the U.S. bank SVB event, supports risk appetite. Yesterday, indices in the USA and Europe closed with increases of up to 2%, while the VIX narrowly declined from 26 to 23, indicating that selling pressure in the US futures has eased. The US futures and German DAX futures were slightly negative this morning, while Asian Stock Markets are in positive mood. Today, markets will follow US PPI inflation data which may impact risk appetite. The VIOP-30 Index closed the evening session down 0.51%. Locally, we expect the Benchmark Index to start the day with a negative trend. Intraday selling pressure is likely, even if with a reduced momentum. SUPPORT: 5,145 - 5,090 RESISTANCE: 5,265 - 5,323.
Money Market:
The Lira was negative yesterday, weakening 0.01% compared to the USD to close to 18.9745. In addition, the currency appreciated by 0.05% 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 11.11%-11.29%, ending at the 11.25%, 1 bps above its previous closing.
Headlines:
*** February central government budget data will be announced today. Although the effects of the natural disaster on the budget are delayed, we expect a significant rise in the budget deficit in the first half of the year, especially for infrastructure investments. Once the contribution of corporate tax to the budget is eliminated we expect acceleration in the budget deficit and expenditure items in the public finances, which increased as of March. Our detailed analysis after the data emerges will be published within the day.
Company News:
Aselsan (ASELS.TI; OP) has signed an international sales contract valued at USD 18.9mn for the supply of defense systems in regard of the use of a large I international shipyard. The latest deal represents 0.2% of the company's total backlog (S. Positive).
Sisecam (SISE.TI; OP) has announced that a total of 744,944 nominal shares (total amount of TRY 34,513,256) were repurchased within a price range of TRY 46.12 - TRY 46.40 per share (average price TRY 46.33) at the BIST on March 14, 2023. Total repurchased shares to date correspond to 1.895% of the company's capital.
Pegasus (PGSUS.TI; OP) has released its monthly traffic figures for February 2023. The carrier's total PAX rose by 27% YoY in February 2022, and the load factor improved by 4.3 pp YoY to 85.9%. While the results indicate continuing recovery in the international load factor, traffic developments in February 2023 largely met expectations. Hence, we foresee the data announcement having a slightly positive impact on the near-term share performance.
· Total PAX rises 27% YoY - Pegasus' domestic PAX rose by 16% YoY to 0.85mn in February 2023. The carrier's international PAX improved notably by 37% YoY to 1.15mn in February 2023.
· Load factor rises 4.3 pp YoY to 85.9% in February 2023 - The carrier's domestic load factor has improved by 1.2 pp YoY to 87.0% for the month, while Its international load factor improved more notably by 6.8 pp YoY to 85.1%.
Sabanci Holding (SAHOL.TI; OP) has announced a buyback on Borsa Istanbul of a nominal 222,789 of its own shares, representing 0.0109% of the Company's capital at a price of 43.44-44.50 TRY/share.


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  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.