TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

LIKES OF A SPREE OF RATING ACTIONS FUEL BIST HIGHER
" The BIST100 opened the week 1.06% higher to close at 8141, after facing slight profit-takings from its peak at 8239, and with a handsome turnover of TRY 168.6bn, ahead of this week's expected unveiling of the Mid-Term Economic Plan, and Friday's Fitch and Moody's Credit Rating decisions, where an upgrade in the outlooks are expected (any little good news is an excuse to buy more), as well the rating's decision from the S&P, later in the month, and Treasury and Finance Minister's meeting with Goldman Sachs investors on 19/20 September. All the above factors are promoting investors to increase their long positions, including on the credit side as well., most probably until the end of the month, whereby investors may opt to realize their profits after the realization of the expectations.
" Yesterday, the Banks played catch-up to their peers after last week's sluggish performance, by closing 3.19% higher, while the Mining stocks were the biggest gainers on a rise of over 7%, amid market speculation of a merger of the Kozal group shares. The Transportation stocks faced profit-takings after Friday's strong performance, and thus decoupled negatively from their peers.
" Today, we expect a flat opening at the BIST.
" On the commodity front, Brent is trading slightly lower at USD 88.67, and ounce and gram GOLD are flat at USD 1937 and TRY 1668.
" At yesterday's critical meeting between President Erdogan and Russian President Vladimir Putin, Erdogan stated that the Black Sea grain deal can be restored soon. Putin stated that Russia could return to the grain deal if the West fulfils a separate memorandum agreed with the United Nations at the same time to facilitate Russian food and fertiliser exports. He also added that Russia is close to finalising an agreement to provide free grain to six African countries. Putin added that Russia will ship 1.1 million tons) of cheap grain to Turkey for processing and delivery to poor countries.
" Besides the Black Sea Grain Deal, Energy was also discussed in the meeting, in which Gazprom has given Turkey's national natural gas company, Botas, a roadmap for a gas hub in Turkey, in which additional gas pipelines along the bottom of the Black Sea from Russia to Turkey would be laid, as well as to create a gas hub on the EU border, that could become an alternative to other centers for determining the price of gas in Europe.
" Türkiye's August CPI rose by 9.1% vs BBGe of 7% on a monthly basis to its highest annual reading at 58.94%, while Core inflation jumped to 64.85% from 56.09%, vs the BBGe of 61.7%. On a monthly basis, Transportation prices rose the highest by 16.61%, followed by home furnishings at 9.36% and food and non-alcoholic products rising by 8.48%.
" Per the release of the inflation figures, JP Morgan revised its YE inflation reading to 68% from 62.4%, while HSBC expects the figure to be near 70%. While HSBC expects the policy rate to be 30% in the 4th quarter, JP Morgan expects it higher at 35%.
" Türkiye's August trade deficit was USD 8.8bn, thus bringing the ytd deficit figure to USD 82.4bn.
" According to the Central Securities Depository of Türkiye, total investor size has increased by 1.2mn on a monthly basis to 6.3mn.
AGENDA:
" On the local front, the CBRT August Inflation Assessment Report will be disclosed as well as the REER, whereas Germany will release its PMI and the Eurozone its July PPI, while the July Factory and Durable Goods Orders will be announced in the US, as well as Lagarde's speech today.
CORPORATE NEWS:
" According to the local BloombergHT website, the net FX deficit of the non-banking sectors has reached USD 83.8bn as of June, 2023, an increase of USD 2.42bn m/m.
" Automotive Sector: In August, car sales increased by 87.7% compared to the same month of the previous year, reaching 66,131 units, light commercial vehicle sales increased by 55.1% to 20,323 units, and total car and light vehicle sales increased by 78.9% to 86,454 units. From January to August, car sales increased by 64.3% to 582,419 units, and light commercial vehicle sales rose to 172,863 units with a 66.4% increase. Total car and light vehicle sales increased by 64.7% to 755,282 units. The sector has given a trade deficit of USD 2.37bn in August, vs the 9% surplus y/y
" ALFAS - Following the announcement of the completion of machine installations for the second phase of the company's new factory investment, with a capacity of 500 MWp, it was announced that trial productions were successfully completed and started operating at full capacity. The company also announced that a decision was made to establish a company in Romania with a capital of 1 million euros, of which the company will have a 90% stake. The company also announced its guidance for 2023, forecasting 7.5 billion TL in revenue, 1.3 billion TL net profit, and a net profit margin of 16%.
" CWENE - It was announced that a contract worth 7.4 million dollars was signed between the company and a customer for the construction of a GES power plant in Ağrı.
" KRVGD - It was announced that a loan agreement of 22 million euros was signed between the company and EBRD.



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 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.