TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

NEGATIVE OPENING EXPECTED AS SPECULATIONS MATERIALIZE
• The BIST close the final day of the week on a buoyant buying appetite, rising 1.41% to 8335, and with a turnover of TRY 146.9bn, but still unable to breach the 8400 resistance level.
• The Banks spearheaded the gains, rising by nearly 3%, on the back of both the S&P credit rating decision, and street talk that a swap agreement between Turkey and the UK may be signed. The Conglomerates also outperformed the benchmark, while the Transportation and the REITs lagged the index.
• As the S&P, in-line with the general census kept Türkiye's credit rating note unchanged at "B," but improved its outlook to Stable from Negative, and due to the lack of any swap agreements over the weekend, we may see the Banks open on profit-takings, while the positive mood in the Asian markets, helped by the last -minute save from the US. The S&P also stated that they expected the Turkish economy will grow by 3.5% in 2023, and 2.3% in 2024.
• As such, ARCLK (speculations of a new share buyback program) led the gains among the blue-chips, and was followed by KOZAA and YKBNK, whereas ODAS-PGSUS and THYAO were the most sold. ZOREN closed limit-up on Friday after disclosing its intents to list its renewable energy subsidiary.
• Last week, the BIST100 closed 3.68% and the BIST30 4.18% higher, led by the gains in the Transportation and Banking stocks, while the Mining and Service stocks underperformed the benchmark.
• The TRY weakened against the USD by 0.89%, but weakened to a lesser degree against the Euro by 0.18%. The Commodities also suffered a noticeably regression, Brent falling by 0.43%, and Ounce GOLD by nearly 4%, as high inflation rates are here to stay a little longer than expected, per ECB and Fed officials.
• As of Friday's close, the TRY is trading weaker t 27.46 against the USD, and 289.01 against the Euro, while the DXY has risen slightly is at 106.28. The 2yr and 10yr Bond yields will open the new week from 29.74% and 27.15%, after rising by 4.72% and 4.66% w/w.
• On the Commodity front, Brent is trading slightly higher at USD 92, and the losses on the ounce GOLD side are continuing, currently at USD 1943, and gram GOLD is at TRY 1627, respectively.
• Over the weekend, the US averted a shutdown, buying time to stay open for another 45 days, after Congress passed a stopgap funding measure, that was later signed by President Joe Biden.
AGENDA
• The common data flow that the major global economies will be announcing is the PMIs, and Türkiye will also be disclosing the Inflation figures on Tuesday, followed by the Treasury Budget Balance. Local investors will also be perking their ears to the Treasury and Finance Minister, Mr. Mehmet Simsek's meeting in London, starting on Oct 4th, with investors.
• Meanwhile, our international peers will be tuning in to US ADP and NFP figures, and the Retail sales from the Eurozone will also be watched.
CORPORATE
• HEKTS: Disclosed that it has sold 607.331sqm land for TRY 1.23bn.
• GSDHO: GSD Shipping B.V. has signed an agreement with Sumisho Marine Co. Ltd., supported by Sumitomo Corporation, for a 42,350 DWT dry cargo ship from the Japanese Oshima shipyard, due in 2026.
• MAKIM: An application for a Building Use Permit was made on 29.09.2023 for a new factory in Ankara's Space and Aviation Specialized Organized Industrial Zone.
• ATSYH: Balkaney Food Tourism Textile Trade Inc. has initiated projects in Denizli's KURTLUCA-GÜZELPINAR-GÖZLER region for thyme distillation and organomineral fertilizer production. The area will soon adhere to the 2019 ZERO WASTE REGULATION.
• MACKO: An existing partnership with Activaweb SAS and Stats Perform on sports statistics has been extended for 7 more years, starting 2024

 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.