TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 continued its rally from the previous day, adding another 1.94% gains under its belt, closing at 3458, and turnover of TRY 78.1bn, the gains led by the Aviation and Industrial stocks, whereas the Banks-more specifically the private-banks, faced profit-taking, especially towards the close of the day.
• SASA closed limit-up, and thus topped the gains among the BIST30 stocks, and was followed by PGSUS and HALKB, whereas ASELS, KOZAL, and TCELL were at the bottom of the listings.
• On a broader perspective, the Energy stocks ranked at the top of the BIST100, such as AKSA and ZOREN.
• The TRY weakened against the greenback to 18.58, whereas the DXY fell sharply to 110.26, and is currently flat at 110.30. The 2yr bond yields rose by 14bps to 15.35%, whereas the 10yr yields fell by 11bps yesterday to 11.85%. The 5yr CDS rates saw a sharp drop of over 23pts to close the day at 749.
• On the commodity front, Brent rose to over USD 91 ahead of today’s critical OPEC+ meeting, with the word on the street being that the Cartel is planning to cut supply by as much as 2mn b/d, though the delegates are remaining mum, with the US trying to pressure Saudi Arabia not to curtail production hikes and raise oil prices ahead of the mid-term elections, and both ounce and gram GOLD prices have risen to USD 1725, and TRY 1030, respectively, but have since subdued to USD 1720 and TRY 1027, respectively.
• The US markets closed higher yesterday on the back of the JOLTS plunging by more than 1.1mn m-m in August, tilting expectations of less-aggressive rate hikes by the Fed.
• Today, we expect a slightly positive opening at the BIST100.
• Yesterday, San Francisco Fed President, Mary Daly stated “too-high inflation is depressing the real wages of US workers; especially the less advantaged who are bearing “a higher tax” from rising prices, and that “Inflation is a corrosive disease, it is a toxin that erodes the real purchasing power of people.” And in his first ever speech to the public, Fed Governor Philip Jefferson’s speech was in-line with his colleagues, stating that “reducing inflation was the central bank’s top priority, adding “We have acted boldly to address rising inflation, and we are committed to taking the further steps necessary.”
• The Bank of France Governor, Francois Villeroy de Galhau, stated that the “European Central Bank should continue raising interest rates by large increments at its meetings in October and December before reassessing and possibly shifting to a slower pace.” And ECB President, Christine Lagarde said that it was “difficult to say whether or not inflation has peaked, adding “The minimum that we have to do is to stop stimulating demand.”
• At the home front, Turkey Plans to Extend FX-Protected Deposits Tool to End-2023, according to AKP parliament member.
• Today, President Erdogan is expected to make a surprise announcement, expected to be concerning Rights and Freedom, with investors also speculating on an SCT discount on new automotive sales. We deem such an announcement to be most positive on DOAS shares, as their imported cars fall under the highest SCT brackets.
• The uptick short-selling rule for BIST50 stocks, with the exception of TSKB and ISGYO, have been lifted.
NEWS FLOW:
• MGROS: Disclosed that it will establish a TRY 4.5mn capital company to offer charging stations for electrical-powered vehicles.
• Turkey Sept. Real Effective Exchange Rate rose to 54.51
AGENDA:
There are no major local macro releases expected today, besides Erdogan’s speech, whereas the ADP Employment change (Est. +200k), Trade balance, and the PMI will be followed States-side, as well as the Euro-Zone PMI figures.
 
 
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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.