TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

PENTAGON SUPPORT FOR TURKISH GROUND OFFENSIVE IN N. SYRIA HELPS PARE LOSSES
o The BIST closed the day on a gain of 1.86% at 8488, with a turnover of TRY 165.8bn, reversing its losses due to the ground offensive in Northern Syria, against separatist forces, after the failed attack targeting the Interior Ministry in Ankara. The BIST managed to pare its losses from the 8180 level, after an alleged tweet from Pentagon stated that it supported its allies right to defend itself.
o Today, we expect another highly volatile trading session, and for the direction of the trading to be likely steered by news flow and announcements from developments south of our border.
o The Banks led the rally at the BIST yesterday, closing 3.28% higher, thanks particularly to ISCTR and its subsidiaries, while the Energy stocks lagged the benchmark with an average gain of 1%.
o ISCTR-TUPRS and KRDMD (thanks to the potential railway construction under the 3rd bridge) were yesterday's most bought blue-chip, whereas FROTO- due to profit-takings, and HEKTS were the only BIST30 stocks to close in the red yesterday.
o TheTRY started trading considerably weaker against hard currencies at the early morning today, the recovery came quick. Currently USD and the Euro are trading at 27.60, and 29.09, which are just a tad weaker as compared to yesterday's closing. The 2yr Bond yields fell by 26bps to 29.73%, while the 10yr rates rose by 16bps to 26.62.
o On the Commodity front, Brent is trading lower at US$83.53, and ounce and gram GOLD are flat US$1821 and TRY 1616, respectively.
o Last week, Foreign investors were NET SELLERS of US$98mn EQUITIES, but were NET BUYERS of US$512mn BONDS as higher rates attracted carry traders.
o The World Bank increased its 2023 growth rate for Türkiye to 4.2% from the previous 3.2%, due to the increase in durable goods orders, and lesser economic predictable policies.
o The CBRT has lowered its rediscount loan rate for exporters, while increasing the loan limit levels. Thus we deem this news positive especially for local export companies.
AGENDA
o On the local front, the Treasury Cash Balance will be disclosed, while the US NFP figures (BBGe: +168k) will be the most important news flow of the day, and the US Unemployment figures and Germany August Factory Orders will also be released.
CORPORATE
o PETKM: (+): According to Reuters, Russian oil producer Lukoil will give Socar $1.5bn loan so that Socar can pump 200k barrels/day at the PETKM-owned STAR refinery in order to distribute Russian crude oil.
o BMSTL - A contract for the GES project on a 149,000 m² plot in Kırşehir was inked with Global Enco Engineering, valued at $5.9 million.
o BVSAN - The firm disclosed signing an agreement with a local entity to produce and supply nine cranes for a sum of €2.2mn.
o CWENE - Dicle Electric Distribution found the company's request for an 11,000 kWe GES suitable, granting an invitation for a GES construction linkage. It's proposed that GES facilities will either serve the company's own needs or be offered to third parties under favorable terms.
o GOKNR - A 70% stake in Logimat Software was acquired for a price of TRY 2.5mn.
o IHLGM - A partnership was formed with the owner of a 43,000 m2 land in Istanbul Avcılar, with plans to introduce a residential venture based on the Revenue Sharing approach.
o KLGYO - The company has officially taken ownership of 37 Plots in Istanbul Küçükçekmece, following a privatization tender overseen by the Privatization Administration.
o KRVGD - The decision was made to hand over the Beylikdüzü-based jelly manufacturing unit to its wholly owned affiliate, Mavi Yıldız Machine, through a streamlined division process.
o KENT: Disclosed that regarding the TRY 8.8mn penalty from the Competition Authority, the enterprise is considering potential legal remedies.
o LIDER: Last September, the acquisition of 101 vehicles was confirmed, with a total expenditure of TRY 84mn
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 TFG Istanbul Menkul Değerler A.Ş.
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