TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

BIST FACES PROFIT-TAKINGS IN-LINE WITH GLOBAL RISK-OFF MODE
• The BIST closed today on a deep loss of little over 2% at 8333-thus below the critical 8400 SUPPORT level, on a turnover of TRY 150.2bn, led by the continuing sales in the Transportation stocks, as well as profit-takings in the Industrials, after yesterday's rise. The risk-off mood continued in the global markets yesterday, as well.
• BIMAS topped the BIST30 gainers, thanks to the "Buy" call from JP Morgan in its CEEMEA report, and followed by PETKM and KCHOL, coincidentally the only 3 blue-chips to close in the green, whereas TUPRS was anchored to the bottom of the BIST30 after a "Sell" report from a local broker, coupled with the sharp decline in Brent prices, and followed by ODAS and GUBRF shares.
• Today, we expect the BIST100 to bounce back from yesterday's sell-offs, parallel to the positive mood in the Asian markets, fueled by the US markets paring their intra-day losses and closing in the green.
• As of yesterday's closing prices, the TRY is trading flat against the US at 27.56, but a tad weaker against the Euro at 29.01, whilst the DXY has fallen to 106.55. The 2yr rates closed 11bps higher yesterday, just shy of the 30% level, whereas the 10yr rates were unchanged at 26.46%.
• On the Commodity front, Brent is trading slightly higher this morning at $85.73, after dropping nearly $5 yesterday on the back of slowdown fears, and thus concern about the demand outlook for crude and gasoline, despite Saudi Arabia continuing its oil cuts. And Ounce and gram GOLD are at $1818 and TRY 1611, respectively.
• In relation to the above-mentioned slowdown concerns, the Eurozone retail sales fell much more than expected in August, by 1.2% vs the expected 0.3% estimate on a m/m basis, and 21% decline on an annual basis. The monthly fall was caused mainly by a sharp drop in mail orders and shopping on the internet which fell 4.5% and a drop in the sale of petrol, down 3.0%.
• On the back of the recent drawback in the fuel prices, and underperformance relative to its peer sectors, we may see reactionary buybacks in the AVIATION stocks, such as THYAO and PGSUS.
• Yesterday, the REER rose by 3.10 pts to 55.52 from the previous month, and to 88.29 on an annual basis from 84.81.
• The Trade Deficit in September fell by 48.1% y/y to TRY 5bn. Exports rose by 0.3% to $22.67bn, whereas imports fell by 14.1% to $27.658bn.
AGENDA
• On the local front today, the Weekly Foreigners' Net STOCK/BOND holdings will be released, while the US will disclose the Weekly Jobless Claims figures.
CORPORATE
• ASTOR: The company disclosed that it has signed a Power Transformer Sales Agreement with an international firm for a total of €1.7mn.
• BVSAN: The company disclosed that it has signed a crane production delivery agreement worth €367,353 with a domestic firm.
• CWENE: Disclosed that agreements were signed with Bartu Turizm and North Enerji for solar panel sales worth $1.1mn and $3.6mn, respectively.
• EBEBK: Disclosed that the number of visitors to the company's stores in September increased by 14.6% compared to the same month last year, reaching 4.0 million. The year-to-date increase is 27.9%, reaching 35.1 million.
• KAYSE: The company disclosed yesterday that it anticipates a revenue of TRY 14bn in 2023, and that investments and modernizations at various sugar factories were also mentioned. This news can be the main reason for the stock's limit-up closing yesterday.
• MANAS: Disclosed that it will increase its paid-in capital by 50%
• OTKAR: Disclosed that it has submitted a bid for the tender of 400, 12meter buses by the UAE Roads & Transport Authority, alongside a 10 year service agreement tender.
• SAHOL: Disclosed that its subsidiary, Sabancı Renewables Inc. purchased 100% of the shares of Oriana Solar LLC, which consists of a 232 MW solar power plant and a 60 MW energy storage facility.

 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.