• Fuelled by weaker TRY as well as by hopes of new investments from UAE, BIST100 and BIST30 were both up 4.5% yesterday. MSCI Asia is up a tad this morning while US and EU futures are flat. We expect slight positive opening for BIST.
• In the CBRT Monetary Policy Committee minutes, it was emphasized that the decision to increase the interest rate was envisaged as the first step of the monetary tightening process, which was initiated to establish disinflation as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behaviour. In the minutes, it was also stated that the inflation target of 5% is far from the target. Central Bank Governor Hafize Gaye Erkan gave important messages about the new era in monetary policy. Erkan, saying that the priority will be to fight inflation, announced that reserve sales will not be made to suppress the exchange rate.
• Erdogan:
Ø We had limited the rate of increase in residential lease agreements to 25%. The same limit will continue to be applied for housing lease agreements to be renewed in July. This decision is likely to limit value increases on residential real estate and hence pull down the demand in our view.
Ø We continue the FX protected TRY deposit--KKM scheme, we extend the tax exemption period, we carry out the process in a way that does not cause any negative effects to the deposit owners.
Ø Once the inflation rates are clear, we will fulfill the promises we made to our civil servants and retirees.
AGENDA
• Inflation data in Turkey will be announced tomorrow. 4.8% June inflation expected. 39.5% annual.
• US Treasury Secretary Yellen is expected to travel to China this week to meet with senior officials.
COMPANY NEWS:
• SUWEN: The company disclosed that 2 stores were opened in Turkey in June and within the scope of the exclusive dealership agreement signed in Nov 2022 1 store was opened in Qatar in June. As of end of June, the company has a total of 172 stores, 163 in Turkey and 9 abroad.
• ACSEL: Within the scope of the company's investment in a new pure CMC facility with an annual capacity of 2,500 tons, it was announced that the construction of the new factory building was completed, the assembly of the production line was started, and production is planned to start in September.
• YESIL: The decision to increase the registered capital ceiling of the company from 250 million TL to 2.2 billion TL was approved at the General Assembly.
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.
TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )
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