TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST closed yesterday 1.30% lower at 4887 with a turnover of TRY 90bn, on the back of the closing of positions in the Futures’ market. Margin calls that started the day at TRY1.7bn came down to TRY477mn at the closing.
• The Banks were the most sold, falling by 3.21% whereas the Energy stocks managed to diverge positively from their peers, alongside the Mining stocks.
• Today, we expect a positive opening at the BIST after yesterday’s profit-takings, and thanks to the overwhelming passing of the Debt Ceiling deal in the US.
• We would be keenly watching the so-called “Mehmet Simsek” stocks to outperform their peers ahead of heightened speculation of the ex-Finance Minister’s return to power, of the economy that is. Foremost, these stocks would be the private banks, again, on speculations of laxing of the strict regulations on the sector, such as AKBNK-GARAN, ISCTR and YKBNK.
• As of yesterday’s close, the TRY is trading slightly weaker against the greenback at 20.76, and also slightly weaker against the Euro at 22.18, whereas the DXY is currently trading flat at 104.28.
• On the Bonds’ side, the rise on the short-term rates continued, rising by another 36bps to 11.64%, whereas the 10yr yields were unchanged at 9.09%.
• On the commodity front, Brent is trading slightly higher at USD 73 this morning, ahead of this week’s OPEC+ meeting in Vienna, and ounce and gram GOLD prices are flat at USD 1965 and TRY 1311, respectively, despite in the surge in the US oil reserves, indicating a slow-down in the economy.
• Yesterday’s Fed Beige Book disclosed showed that the US economy has signs of cooling due to the slowdown in hiring and inflation, with prices rising at a moderately slowly rate in many districts.
• Türkiye’s economy grew by 4% y/y in 1Q23 vs the Estimate 3.9%, driven by front loaded consumer demand and government spending.
• The Turkish banking sector witnessed a disheartening 10% m-m decrease in net income, juxtaposed with a modest 7% y-y increase, resulting in a total of TRY37bn in April. For the first time, the banking sector found itself grappling with negative Turkish lira spreads, stooping to an alarming -0.5%. Please see our banking sector note for details.
NEWS FLOW:
• PENGD: Disclosed that the application for the Call Letter to the Connection Agreement for the 6.8 MWp land type SPP in Uşak has been made to Osmangazi Electricity Distribution.
• SUNTK: Disclosed that it will distribute gross TRY 0.58 share dividends, representing a dividend yield of 1.6% as of yesterday’s close, to be paid on July 14th, 2023.
• FONET: Disclosed that it was awarded a TRY 23mn agreement from the Health Management in Sivas for a 36-month period.
• GESAN: Disclosed that it has submitted the best agreements worth TRY 29.6mn and USD 7.6mn, respectively.
• GSDHO: Disclosed that its wholly owned subsidiary in Japan has signed a goodwill letter for the construction a dry-goods ship.
• KCAER: Disclosed that it received a USD 26.3mn steel profile order.
• NTGAZ: Disclosed that it has been awarded the tender offered by Trakyagaz in 19 districts covering over 107million sqm for CNG operations.
AGENDA:
• On the local front, besides the Weekly Change in Foreign STOCK/BOND holding, the PMI figures will also be disclosed at home and in the Eurozone and the US, as well as the German PMI figures, ECB Minutes, and the ADP figures from the US. The Inflation rate from the Eurozone will also be carefully monitored.

 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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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.