TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• Despite another positive opening to the day, the BIST closed the day on a loss of 0.14% at 4913, with an even lower turnover than usual of TRY 41.9bn, as it seems evident that investors are annoyed by the volatility and dictate of the BIST among a few brokers.
• The Banks closed the day on a loss of 0.78%, whereas the Transportation stocks managed to decouple positive from the rest of the pact, alongside the Mining stocks. The European markets closed higher ahead of the 4-day Easter weekend.
• Today, we expect the BIST to open positively after yesterday’s sell-offs.
• The CBRT imposed a requirement to buy 5pt additional Treasury bonds to Banks that are unable to maintain the 60% FX/Total deposit ratio, and maintained its 5-7pt discount for Banks with over 60% and 70% ratios. This move will provide further support to the TRY as the banks will be obliged to try harder to convince their depositors to switch from FX to TRY. Also it will help pull down the borrowing cost of the Treasury.
• The CBRT has also increased the discount rate for CPI-linkers in Banks to 80% from 70%, which means that the CBRT wants the banks to buy fixed rate bonds to meet their bond holding requirements but not CPI linkers.
• Finally, the CBRT increased the bond holding amount on loans from 90% to 150%, if the interest rates applied on commercial loans surpass the reference rate by 80%. This change will prompt the banks to pull down their interest rates on commercial loans, or buy more Treasury papers.
• As of yesterday’s close, the TRY is trading flat at 19.25 against the USD, but a tad stronger against the Euro this morning at 21.02, whereas the DXY is trading higher, at 101.92. Yesterday, both the 2yr and 10yr bond yields rose by 54bps and 43 bps to close at 14.55% and 10.67%, respectively.
• On the commodity front, Brent is trading a tad lower at USD 84.67, and ounce and gram GOLD are trading flat at USD 2007 and TRY 1243, respectively.
• US Weekly Jobless Claims rose higher-than expected at 228k, vs the estimate of 200k.
• Last week, Foreign investors were net SELLERs of USD 60.9mn STOCKS, aggregating the ytd sales to USD 927mn, but net BUYERS of USD 15.1mn
• Saudi Arabia and Iran agreed to open their embassies after a 7-year break, amid top Iranian and Saudi envoy meetings in China.
• St. Louis Fed President James Bullard stated yesterday that the Fed should stick to raising rates while the labour market is strong.
• The World Bank has increased its growth projection for Turkey to 3.2% from 2.7% for 2023 due to the increased construction activity on the aftermath of the February earthquake.
NEWS FLOW:
• DOHOL: Disclosed that its subsidiary Adilbey Holding will be merged with DOHOL
• ONCSM: Disclosed that it has signed an agreement to purchase cosmetic company Facefood cosmetics
• THYAO: Disclosed that its March total passenger count increased by 27.5% to 6.11mn, and Capacity increased by 6.1% to 82%.
AGENDA:
• The Treasury cash budget balance will be released on the local front, whereas the most important data flow will be the change in the U.S. Non-Farming Payroll, estimated to come in at +235k, despite the U.S. markets, along with the UK and Germany closed today in observance of Good Friday, ahead of Easter on Sunday.

 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.