Market Watch(Şeker Yatırım)

Market Watch - Wednesday, February 22, 2023
Outlook:
The BIST100 Index started Tuesday on a positive trend and followed a buying course throughout the day, closing at 5,149.39, up 0.01%. In particular, iron-steel, cement and REIT shares contributed positively to the Index. The Industrial Index gained 1.31%, while the Banking Index continued to diverge negatively, down 1.41%. We expect the fluctuating course to continue for the short term after the strong recent reaction at the BIST. Recall that the bourse had risen with support from money inflow caused by the increased share of PPS funds in the state contribution. Elsewhere, risk appetite remains weak in major stock markets abroad. Indeed, the U.S., European and Asian Stock Markets ended the day with decreases. Messages from the Central Banks regarding a tight monetary stance have created selling pressure in the indices. The VIX rose to 23, indicating increased volatility and selling pressure in the U.S. Stock Markets. The U.S. and German DAX futures were trading with a negative trend this morning, while Asian Stock Markets are mixed. The VIOP-30 Index closed the evening session with a negative trend, down 0.10%. Locally, we expect the Benchmark Index to start Wednesday with a slightly negative trend amid continued pullbacks, albeit with low momentum. SUPPORT: 5,080 - 5,018 RESISTANCE: 5,194 - 5,320.
Money Market:
The Lira was negative yesterday, weakening 0.04% compared to the USD to close to 18.8710. In addition, the currency depreciated by 0.03% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were relatively flat. The ten-year benchmark bond ending at 10.49%, unchanged from its previous closing.
Company News:
Akbank (AKBNK.TI; OP) has authorized its management to establish a new company named Akbank Ventures BV, located in the Netherlands, with a capital of USD30mn. The new entity, to be 100% owned by the bank, will invest in technology startups.
Aksa Energy (AKSEN.TI; OP) has announced the change in the company title to "Aksa Yenilenebilir Enerji Üretim A.Ş." (previous Aksa Aksen Enerji Ticaret A.Ş.).
HalkBank (HALKB.TI; MP) has repurchased 5.7mn of its own shares (0.11% of its paid-in capital) within a TRY10.83-11.21 share price range as part of its share buyback program of up to TRY250mn nominal shares and TRY2.25bn value. (Total amount bought: 110.5mn shares, which is 2.2% of its paid-in capital (Neutral).
Turk Telekom (TTKOM.TI; OP) is set to announce its 4Q22 financials today after the market close. We anticipate quarterly net profit of TRY 1,050mn (3% YoY decrease), while the market median expectation is for a TRY 1,417mn net profit. We expect 4Q22 net sales revenues and EBITDA to reach TRY 14,619mn and TRY 5,537mn, respectively. The market's respective quarterly net sales and EBITDA average expectations are TRY 14,423mn and TRY 5,582mn.
Koc Holding (KCHOL.TI; OP) has announced that a non-binding Memorandum of Understanding ("MoU") has been signed between Ford Motor Company ("Ford"), LG Energy Solution Ltd. ("LGES") and Koc Holding A.S. The MoU outlines the preliminary intentions of the parties to explore collaboration possibilities for Koc Group to become a party to the foreseen electric commercial vehicle battery cell production investment of Ford and LGES in Ankara.
According to the MoU, which remains valid for 12 months, if an agreement is reached between the parties, production is planned to commence in 2026, with a total annual capacity of 25 GW-hours in the initial phase. It is also agreed that efforts shall be made to raise the capacity by 20 GW-hours in 2029 to 45 GW hours on aggregate.
In this respect, the parties are evaluating the possibility of Ford Otosan (FROTO.TI; OP) being supplied with the battery cells manufactured within the scope of the Project, for use in the production of next-generation Transit vehicles (Positive).
VakifBank (VAKBN.TI; MP) has repurchased 3.9mn of its own shares (0.05% of its paid-in capital) within a TRY9.45-9.81 share price range as part of its share buyback program of up to TRY150mn nominal shares and TRY1bn value. (Total amount bought: 57mn shares, which is 0.8% of its paid-in capital (Neutral).

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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.