TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

US CPI FIGURES WILL TAKE CENTER STAGE ON THURSDAY
• The BIST tried to pare its Thursday’s massive sell-offs on Friday, and partly did so, closing 4.41% higher at 5342, but nevertheless, realized profit-takings towards the closing of the session, with a turnover of TRY 137.5bn, as investors appear to prefer to picket their profits rather than carry long positions-especially over the weekend. The Transportation and REITs were the best performing stocks, whereas the Conglomerates lagged behind their peers.
• EKGYO, TTKOM and KRDMD led the gains at the BIST30, whereas ARCLK, GUBRF and BIMAS were the most sold.
• For the week, the BIST ended its winning streak, faltering by 3%, led especially by the 6% sales in the Banks, and 8.50% Energy stocks, whereas the Transportation stocks managed to diverge slightly positively from its peers. GUBRF, EGEEN, and ULKER were the most bought BIST100 stocks, as opposed to ASUZU, SASA, and KCAER, on a weekly basis.
• The TRY was flat against the USD, but strengthened about half-percent against the Euro. The 5yr CDS rates will start the new week from the 526 level, rising from 512 last week.
• On the commodity front, Brent fell by nearly 7%, whereas Gold rose by over 2%. All commodities are up today thanks to China opening as well as weakening US$ on the back of plunging bond yields.
• Today, we expect a positive opening, but may see the Banks continue to lag behind their peers due to the new regulation over the weekend.
• As of Friday’s close, the TRY is trading weaker against the USD at 18.78, and at 20.05 against the Euro, whereas the DXY is trading flat at 103.60. The 2yr bond yields rose by 3bps to 9.36%, whereas the 10yr yields went the opposite direction, falling 10bps to 8.57%.
• On the commodity front, Brent is trading higher at USD 79.60, ounce GOLD is flat at USD 1867, whereas gram GOLD is trading higher at TRY 1134 respectively.
• Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank still needs to keep raising interest rates despite cooler-than-expected wage data and indicated he’s open to a second straight half-point increase.
NEWS FLOW:
• BOTAS: Disclosed that Iran has cut gas exports to Turkey by 70% due to a malfunction on the Iranian networks.
• CBRT has raised the banks’ asset maintenance ratio to 10% from 5%, as part of its efforts to encourage de-dollarization. Banks will get a discounted securities maintenance ratio if they increase the share of their lira deposits to above 60%, the change effective as of February 24th.
• FROTO: According to media sources, South Korean car battery manufacturer SKO is contemplating abandoning its battery production is Turkey. We deem the news negative, though nothing official has yet been announced.
• THYAO: Disclosed that its December passenger figures rose to 5.54mn, of which 3.61mn were international and 1.93mn were domestic passengers, load factor was 81.6%.
• CCOLA: Disclosed that its YE22 consolidated sales rose by 14.6%, and international sales rose by 23.2%.
• AEFES: Disclosed that its YE22 consolidated sales rose by 6.4%, domestic sales rose by 15% whereas international sales fell by 14%.
• TUKAS: Disclosed that it has received an investment incentive for its TRY 2.3mn frozen food production plant in Nigde
• ISGYO: Disclosed that it will buy land in Cekmkoy, Istanbul for TRY 38mn, with an area of 7,871sqm, and that it has signed a deal with a local constructor for the development of its land at Profilo Shopping Center.
AGENDA:
• On the local front, the Cash Budget Balance will kick-off the new week, followed by the Unemployment rate, Industrial Production (Cons -0.9%m/m; -1.0% y/y), Current Account Balance (Cons. TRY -4.05bn), Weekly Foreigners’ Stock/Bond Investments, and Expected 12mth Inflation Survey.
• On the US front, Wholesale Inventories, CPI (Cons. 0% m/m; 6.5% y/y), Earnings figures, Jobless Claims, and University of Michigan Expectations will be followed. On the EU side, Unemployment and IP figures will be disclosed, and China will be releasing its Inflation and Trade Balance figures.

 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.