TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• Despite a positive outlook, and expectations of a recovery at the BIST, investors were in for a shock, as the BIST suffered one of its largest single day losses, closing 8.62% lower at 4505, and a turnover of TRY 56.4bn, with the main cause of the sell-offs being attributable to the market remaining open despite the catastrophic earthquake, as well as the contingency regulations brought to tame the sell-offs, which did little to appease investor sentiment. The sell-offs were uniform across the board, with only the Cement stocks managing to diverse positively from its peers.
• Today, we may see a slightly positive opening, due to stock buyback announcements coming predominantly from state owned companies, the late reactionary buying in futures market night session, as well as banking on the idea, fingers crossed of course that, “it can’t get any worse!” The 2yr yields were unchanged yesterday at 10.89%, whereas the 10yr yields rose by 66bps to 11.68%. Meanwhile, the 5yr CDS rates managed to remain calm, falling by 1pt to 544 compared to the previous day.
• As of yesterday’s close, the TRY is trading flat at 18.83 against the USD, and slightly weaker against the Euro at 20.21, as the DXY is flat at 103.32.
• On the commodity front, Brent has risen slightly to USD 83.61, and both ounce and gram GOLD prices are relatively flat at USD 1876 and TRY 1136, respectively.
• At yesterday’s speech at the Economic Club of Washington, Fed Chairman, Jerome Powell stated that additional interest-rate increases will be needed to cool inflation and borrowing costs may need to peak higher than previously expected, if the strong jobs market persists. He said “that inflation is beginning to ease but that he expects the “disinflationary process” to be a long one, and cautioned that interest rates could rise more than markets anticipate if the economic data doesn’t cooperate”.
• Federal Reserve Bank of Minneapolis President Neel Kashkari said January’s strong labor-market report shows the US central bank needs to keep raising interest rates. Despite the apparent hawkish statement from Powell, his allusion to “disinflationary process” was the excuse traders needed to lift the U.S. markets higher.
• According to Bloomberg, global container shipper Maersk, stated that there was structural damage at Iskenderun Port.
NEWS FLOW:
• KCHOL: Stated that the non-binding and non-exclusive Memorandum of Understanding with Ford Motor Company ("Ford") and SK On Co., Ltd. ("SKO") mentioned on 14.03.2022 related to the Koç Group becoming a party to the foreseen electric commercial vehicle battery production investment by Ford and SKO in Ankara has been terminated. Yet, as disclosed on 09.01.2023, all alternatives in the delivery of battery investment are being considered, and accordingly we are in preliminary discussions with Ford and LG Energy Solution Ltd. to explore mutual investment alternatives, but no decision has been made.
• AFYON/AKCNS/BUCIM/NIBAS/NUHCM: Short-Selling and margin trading will not be allowed until March 7th, 2023.
• BRISA: Disclosed that it will increase it registered capital to TRY 750mn from TRY 400mn, and BOSSA o TRY 2.5bn from TRY 200mn.
• GOKNR: Book-building for the IPO of Goknur Gida has been postponed to Feb.15-16-17.
• HLGYO: Disclosed that it has allocated up to TRY 250mn for share buyback, KUYAS will set aside up to TRY 50mn, and TURGS disclosed that it will set aside up to TRY 600mn for share buybacks. TTKOM stated that it will allocate TRY 500mn for share buyback.
• ZOREN: Disclosed that it will take over its 100% subsidiary Rarik Turkison Enerji.
• SAHOL: Disclosed that it bought back 1.5mn shares yesterday.
AGENDA:
• There are no major local macro news expected today, whereas on the international front, MBA Mortgage Applications, and Wholesale inventories 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.