TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 managed to pare its intraday losses to close 0.55% higher at 4839, after seeing its trough at TRY 4680, on a turnover of TRY 55bn, led by the gains in the petrochemicals, due to the surge in Brent after the surprise OPEC+ output cut, and the Transportation stocks, which were last week’s most sold stocks, whereas the Banks closed negatively, alongside the Energy stocks. The global markets closed slightly lower after the surprise OPEC+ cut, as the increase in fuel prices may create an upwards risk on inflation, thus triggering the central banks to maintain their interest rate hikes.
• TUPRS, TAVHL and PETKM led the gains among the BIST30 stocks, whereas KOZAA, ASELS and KRDMD faced the most sell-offs.
• Today, we expect the buying appetite from yesterday to continue at the opening as well.
• As of yesterday’s close, the TRY is trading flat at 19.21 against the USD, but a tad weaker against the Euro at 20.92, whereas the DXY has calmed to 102.14. The 2yr yields rose by 8bps to 13.16%, whereas the 10yr yields fell by 17bps to 10.32%.
• On the commodity front, Brent is trading higher compared to yesterday’s session close at USD 85.20, whereas GOLD is falling due to speculations of inflation/more rate hikes on the back of the OPEC+ cut, that may spur central banks to rate hikes, ounce currently at USD 1980, and gram GOLD trading lower as well at TRY 1223.
• March CPI figures came in 2.29% higher, and y/y 50.51% higher, thus considerably lower than the Bloomberg estimate of 2.90% m/m and 51.30% y/y. Prices at restaurants and hotels rose the steepest, by 70.73%, flowed by food and non-alcoholic drinks, with the 64.68% rise in healthcare costs rounding off the 3 highest increased lines on a y/y basis, whereas on a monthly look, education was the biggest increase, followed by hotels/restaurants, and food/non-alcoholic beverages.
• March manufacturing PMI for Turkey came in at 50.9 vs the previous month’s reading of 50.1, pointing to speeding up economic activity.
• St. Louis Fed President James Bullard stated yesterday that the surprise OPEC+ production cut may make the Fed’s job “a little more difficult” in fighting inflation, but that it was too soon to know for sure. “This was a surprise - this OPEC decision - but whether it will have a lasting impact, I think, is an open question,” Bullard said, in an interview on Bloomberg Television, a sentiment also echoed by US Treasury Secretary Janet Yellen, who said that the cut is an “unconstructive act” that will add uncertainty to the global growth outlook and to burdens on consumers at a time of high inflation. “"I think it's a regrettable action that OPEC decided to take," Yellen told reporters, adding it was too early to assess what the price impact would be. "I think it's a very unconstructive act at this time when it's important to try to hold energy prices down."
• European Central Bank Governing Council member Robert Holzmann said another half-point increase in borrowing costs is “still on the cards” if the turmoil that’s rocked the global banking system doesn’t worsen.
• Today, Finland will officially be the 31st member state to the NATO.
NEWS FLOW:
• Tesla formally disclosed yesterday that it will start automobile sales in Turkey.
• ALKA: Disclosed that it has received a 3,000-ton roll paper order from the Ministry of Education.
• BVSAN: Disclosed that it has signed a €1.1mn agreement to procure cranes to Hungary.
• GESAN: Disclosed that it has signed 2 independent solar power energy fields at USD 1.6mn and USD 0.85mn.
• KRDMD: Disclosed that it plans to make a total USD 1bn investment in the next 5 years.
• SUWEN: Disclosed that it has signed an agreement with a distribution company in Mongolia.
• YKSLN: Disclosed that shareholder Baris Gokturk’s share in the company rose to 28ç49% after buying 180k shares at TRY 9.80-10.07
• BOBET: Will distribute gross TRY 0.50/share and NTGAZ gross TRY 3.04/share cash dividends today
• TUPRS: Will start trading today at TRY 80.63, after the 600% capital increase adjustment.
AGENDA:
• On the local front today, the CBRT Inflation assessment report will be released, as well as the REER, whereas the US will release its Factory Orders, and the Eurozone will release its PPI figures, whereas our colleagues in China will be closed today and tomorrow.

 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.