TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST managed to close yesterday in the green, albeit in a less enthusiastic and volatile manner, by 0.31%, to 4977.64, and turnover of TRY 120.7bn, dragged down by the sales in SASA and the meme-stocks.
• The Banks had traded in the positive territory, led by YKBNK, but faced profit-takings towards the end of the session, whereas the Conglomerates and Mining stocks lifted the gauge higher.
• On a stock basis, TKFEN, VESTL and DOHOL topped the gains among the BIST30 stocks, whereas SASA, GUBRF and AKBNK were the most sold. We also observed interest in ASELS shares after its recent dormancy.
• Today, we expect the market to open positively, parallel to the global markets, thanks to Powell’s dovish speech regarding less aggressive rate hikes, which we will discuss further below.
• As of session close yesterday, the TRY is trading flat at 18.64, however, the DXY has shown a significant fall from near the 107 level prior to Powell’s speech yesterday, to 105.47. Both the 2yr and 10yr bond rates closed higher yesterday by 6bps and 4bps to 10.71% and 10.85%, respectively. The fall in the CDS rates also continued yesterday, closing 5pts lower to 528.
• On the commodity front, Brent has risen to USD 86.95, amid talks that the OPEC+ members are considering either leaving the production rate stable if not even cutting it at its next meeting on Dec 5th, and ounce and gram GOLD prices have risen to USD 1781 and TRY 1067 respectively. Thus, we may see the positive momentum on KOZAL group shares continue.
• Fed Chair, Jerome Powell stated yesterday that smaller interest rate hikes are likely ahead and could start in December, however cautioning that the monetary policy is likely to stay restrictive for some time until real signs of progress emerge on inflation.
• The Fed Beige Book revealed yesterday that that the pace of price increases slowed but that business also expressed greater uncertainty and increased pessimism for the US economy as prices and interest rates continue to rise.
NEWSFLOW:
• THYAO: According to an interview to the local Milliyet newspaper, Head of the Board of Directors, Mr. Ahmet Bolat stated that October and November results were positive, and they expected the 4q22 results to come in strong. He stated that he believed the true value of the stock stands at USD 10/share vs the previous USD 6/share.
AGENDA:
• On the local front, summery of last week’s MPC meeting, whereas on the international front, Personal Consumption, Core PCE, Whole and Retail Inventories, JOLTS Job Openings, the Fed Beige Book, and of course, Fed Chairman Powell’s speech. Also, the EIA crude oil inventory will be released, and China PMI numbers will be disclosed.

 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.