• Despite a positive opening to the session, the CBRT’s higher-than-expected 500bps rate hike, increasing the
policy rate to 40% from 35%, vs the market expectation of 37.5%, perhaps realizing the peak a month earlier
than expected, caused for profit-takings towards the close of the session, coupled with the hawkish ECB Minutes.
• As such, the BIST100 realized a loss of 1.11% to close the day below the key 8k level at 7899, and a turnover of
TRY 103.2bn. Despite the sell-offs at the BIST, one can argue the determination of the CBRT’s seemingly genuine
fight against inflation, and whether or not international investors feel it is now the time to invest in Türkiye,
waits to be seen. After the disclosure of the rate, the TRY strengthened briefly to 28.63 from around 28.82,
before once again flirting around the 80 levels.
• The Banks diverged positively from their peers, closing 1% higher, and due to the rising cost of borrowing, the
Industrials fell by 1.75%, as well as Mining stocks, by 3.47%.
YKBNK-AKBNK and GARAN were the most bought 3 blue-chip stocks, followed by ASELS, whereas KOZAA-EKGYO
and KRDMD were the most sold.
• As of yesterday’s session closing numbers, the TRY is trading considerably weaker against both the USD and
the Euro at 28.90, and 31.54, respectively, while the DXY is at 103.72. Whereas the 2yr Bond rates rose by 113
bps yesterday to 41.11%, the 10yr rates fell by 38bps to 28.71%. The 5yr CDS rates are currently trading at 339.
• On the Commodity front, Brent is trading flat at $81.30, and whereas ounce is calms at $1994, gram GOLD has
risen to TRY 1853 due to the rise in the USD/TRY parity.
• The CBRT raised the policy rate yesterday to 40% from the current 35%, a hike of 500bps vs our in-house and
market consensus of 250bps. The Bank disclosed that the pace of the monetary tightening will slow down, and
the tightening cycle will be completed in a short period of time-Monetary tightness will be maintained as long as
needed to ensure sustained price stability-and that the Current level of monetary tightness is significantly close
to the level required to establish the disinflation course.”
• On the ECB side, the Minutes from their Meeting revealed that the officials agreed to raise borrowing costs
again if needed despite deciding against such a move in October.
• Last week, Non-Resident Investors were Net Buyers of $120mn STOCKS and Net Buyers of $5mn BONDS.
• The CBRT reserves rose to their highest level in 9 years last week to $134.5bn.
AGENDA:
• On the local front today, The Capacity Utilization Rate, and Real Sector Confidence Levels will be released while
Japan will release its CPI figures, and Germany will disclose its GDP growth rate. ECB President Christine Lagarde
is also expected to speak today.
• We welcome back our US colleagues, who will be sharing with us the PMI figures.
CORPORATE:
• BTCIM: Disclosed that the Competition Board had open an investigation against cement companies in the city
of Aydin, among them its subsidiary Batıbeton.
• EKOS: Disclosed that it has decided to rent a new facility at the Balikesir Organized District.
• IMAS: Disclosed that it has signed a $1mn agreement with a company in South Africa.
• ORGE: Disclosed that it was awarded a TRY 120mn hospital project in Izmir.
• DOAS: Will distribute gross TRY 5.68/share dividends today.
Trive Yatırım Menkul Değerler A.Ş.
https://www.trive.com.tr/
***
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.