• Despite a positive opening to the day, the BIST succumbed to sell-offs in the afternoon, falling by 1.29% to close at 4920, with a low turnover of TRY 51.1bn, with the Banks losing 2.26% vs the 2.13% gains in the recent laggards, the Energy stocks. The European markets also closed negatively yesterday due to uncertainty over the global economic outlook, coupled with the data flow from the US.
• As such, AKSEN, TOASO and PGSUS were the most bought blue-chips, as opposed to TUPRS, on profit-takings amid the fall in Brent prices, declining diesel crack margins and following its recent surge, and was followed by SISE and AKBNK shares.
• Today, we expect the BIST to open slightly down after yesterday’s sell-offs.
• As of yesterday’s close, the TRY is trading flat at 19.26 against the USD, but a tad stronger against the Euro at 20.97, whereas the DXY has risen just above the 102 level. Yesterday, the 2yr yields rose by 35bps to 14.01%, whereas the 10yr yields fell slightly by 2bps to 10.24%.
• On the commodity front, Brent is trading 0.7% lower at USD 84.3, and GOLD prices have relaxed to USD 2015 and TRY 1247 for ounce and gram, respectively.
• The US March ISM Services Index fell to 51.2 vs the estimate 54.4 and previous month’s reading of 55.1, and the ADP came below the estimate of 210k at 145k.
• Cleveland Fed Bank President Loretta Mester said on Wednesday that it was too soon to tell if rate hikes in May are needed, but added, “We have a lot more data to get to and we'll see as we get there what is happening in the economy." These comments came after she stated on Tuesday in which she said she saw the Fed’s policy rate moving above 5%, and the real fed funds rate staying in positive territory for some time.
NEWS FLOW:
• DEVA: Disclosed that its High Potent Production building has been completed.
• GESAN: Disclosed that it has been awarded an electrical distribution grid tender by submitting a bid of USD 2.7mn
• KUTPO: Disclosed that has 359 Early Retirement employees have left the company, thus creating an employment shortage, partial production lines will be disabled.
• MERCN: Disclosed that it has started talks to buy a 30% stake in Theca Packaging.
• OTKAR: Disclosed that it has applied to increase its capital by 400% via a bonus issue.
• TTRAK: Disclosed that its sales rose by 36.3% to 3296 units, and exports rose by 15% to 1766 units.
• YKSLN: Disclosed that it has issued a 182-day mature bond worth TRY 50mn.
• Today, DOAS and SEKFK will distribute gross TRY 9.09/share and TRY 0.19/share dividends.
AGENDA:
• Foreigners’ Net STOCK/BOND weekly investment changes will be disclosed, whereas the US Weekly Initial Jobless Claims, the Germany Industrial Production Figures and China Caixin figures will be released
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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