TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

MEDIUM-TERM ECONOMIC PROGRAM TO BE UNVEILED TODAY
" The BIST100 closed yesterday 1.16% at 8236, with a turnover of TRY 156.7bn, despite a sluggish opening to the day, led by the gains in the Banks and the Conglomerates, whereas the Transportation and the Mining stocks diverged negatively from their peers. The global markets closed in red yesterday, due to both the retreat in the Chinese PMI figures, as well as the rise in crude prices as Saudi Arabia disclosed yesterday that it will extend its cut of 1mn barrels/day until year-end, and Russia will reduce its oil exports by 300k barrels/day.
" Today, we expect a flat opening at the BIST, as the Asian markets are trading negatively due to weak data from China, as well as growth concerns amid the rise in global fuel prices.
" EKGYO and KRDMD were 2 of the most bought top 3 stocks, with ISCTR in the middle, after media reports that extra funds from the World Bank, in talks for an allocation of USD 35bn, to be used in construction, thus reflecting positively onto foremost EKGYO, as well as the Cement, Steel, and Glass sector stocks. At the bottom of the BIST30 list, we found ODAS, KOZAA and PGSUS.
" The TRY is trading a tad weaker both against the USD and the Euro at 27.80 and 28.77, respectively, while the DXY has fallen to 104.69, as of print. On the Bonds' front, the 2yr rates rose by 15bps to 23.90%, while the 10yr rates edged just 1bps higher to 19.30%.
" On the commodity front, Brent is continuing to rise, currently higher this morning at USD 89.93, due to the Saudi Arabia and Russia developments. Ounce and Gram GOLD are trading slightly this morning at USD 1928 and TRY 1661, respectively.
" BRSA head stated that was an increase in the reserves, adding more importantly that the FX-Protected Program had served its purpose, and there would be a gradual exit from the program without creating pressure on the TRY. He also announced that the balance of the MTP, Interest Rates and Economic growth parameter would take 3-4 years to harmonize.
AGENDA:
" On the local front, all eyes will be on the unveiling of the new MTP (medium term economy program), TBA at 12:00GMT (2PM local time). Tax reform, structural reforms and macro targets for the next 3 years will be disclosed by the President. We may hear additional tax burden on certain sectors such as the banks. Expect volatility on BIST in the afternoon.
" Germany will be disclosing its July Factory Orders, and the US will release its PMI figures as well as the Beige Book.
CORPORATE NEWS:
" ASTOR: Disclosed that it signed a USD 1.6mn agreements with a client.
" GRSEL: Announced that it has signed a 5yr agreement with to carry personnel of an automotive company worth TRY 691mn.
" TAVHL: Disclosed that Tibah Airports Development Company's partner, of which Mada International Holding, which owns the other 50% of the shares, announced that the sale of 24% of the Airports Development Company's shares was completed for 135 million dollars, and as a result of the sale, 70 million euros were made.
" TTRAK: Disclosed that tractor sales rose by 25.3% in August to 1791 units, however exports fell by 21.5% to 1100 units. For the first 6 months, sales rose by 31.3% to 21.389 units, and exports rose by 16.4% to 12,589 units.
" YKBNK: Disclosed that it will join international banks in arranging meetings with US investors, as well as evaluating USD Bond issuance.



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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.