• It was a tale of two halves yesterday, with the BIST turning around its morning losses to gains, as the two main brokerage houses that are the usual suspects in the sell-offs turned from sellers to buyers, and helped the BIST close 3% higher at 4984, with a turnover of TRY 54bn, led by the gains in the Transportation and Conglomerates, whereas the Banks lagged the general buying appetite, with a mere increase of 1.53%. The European markets closed slightly lower due to the profit-takings on oil stocks.
• THYAO, ODAS and SISE led the gains at the BIST30, and though there were no stocks in the red, KOZAL, GARAN and YKBNK recorded the least gains.
• Today, we expect the buying appetite from yesterday to continue at the opening as well but will be watching the critical 5000 RESISTANCE level.
• As of yesterday’s close, the TRY is trading a tad weaker at 19.24 against the USD, also weaker against the Euro at 21.07, whereas the DXY has fallen to 101.59. and at 21.05 against the Euro. The 2yr yields rose by 50bps to 13.66%, whereas the 10yr yields fell by 6bps to 10.26%.
• On the commodity front, Brent is trading higher at USD 85.17, and ounce and gram GOLD are trading slightly higher this morning at USD 2023 and TRY 1252, respectively due to weak macro data flow from the US yesterday, which pulled down the odds of a rate hike in FED’s May 3rd meeting to below 50% threshold.
• U.S. Factory Orders for manufactured goods fell 0.7% in February, thus the third decline in the past four months.
• Turkey March CPI based real effective exchange rate rose to 59.38 from the previous month’s reading of 58.60. We prefer using PPI based REER in our calculations, which shows that TRY is 22% overvalued when compared to November 2021 level, which was the last month the exchange rate was predominantly determined by demand and supply in our view.
• Turkey trade deficit for March widened to its highest level at USD 8.6bn, which is not constructive from a balance of payments standpoint.
• Yesterday, the central government of Iraq and the semi-autonomous Kurdish region have signed an agreement to resume oil exports from northern Iraq to Turkey.
NEWS FLOW:
• DOHOL: Disclosed that it has sold 50% of its stake in Aytemiz for USD 160mn to the Russian PJSC Taftnet
• KMPUR: Disclosed that it has signed a TRY 375mn order to be delivered in the 2h2023.
AGENDA:
• There are no major local macro news flow today, whereas on the international side, U.S. ADP and ISM Non-manufacturing orders will be released, and the Eurozone and Germany will release their PMI figures.
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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