TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

TURMOIL IN THE MIDDLE EAST SINKS BIST
o Much deeper than the sell-offs in the global markets, due to the Israeli-Palestinian War, the BIST observed a sharp loss of 3.21% to close
at 8193, and turnover of TRY 135.7bn, led by the fall in the Energy and Transportation stocks-basically the sectors that were most exposed
to the negative outcome of the war, whereas the Defense and Petrochemical stocks managed to diverge positively from their peers.
However, the fall in the BIST was far greater than its peers, encouraging one train of thought that the harsh sell-offs could be an excuse for
the BIST to take a breather and come back stronger, considering that the US markets closed higher, and so too did the Tel Aviv stock
exchange!
o Accordingly, we expect a positive opening at the BIST this morning as well, parallel to the global markets, despite the geopolitical crises
in the Middle East.
o As such, looking first at the BIST30 listing, ASELS topped the gains by a wide margin, increasing its gains from Friday after Türkiye's
insurgence into Syria, and adding on top of Friday's gains due to the War in the Middle East, followed by BIMAS and the Petrochemical
stocks, PETKM and TUPRS, due to the bounce-back in Brent prices. We failed to see the rise in GOLD prices reflect onto the commodity
stocks, such as the KOZAL group shares, perhaps due to the hawkish Fed-speak over the weekend, and the rise being less than oil.
o Going forward, we would still prefer the Defense stocks, such as ASELS and OTKAR, the latter closing 5.44% higher yesterday, as well as
the Petrochemical stocks, PETKM and TUPRS, and BIMAS, even though we believe a likely slight price correction would create a new entry
opportunity for investors. In the meantime, we caution our investors against the Aviation and Leisure Stocks, mainly THYAO and PGSUS,
due to both the on-going War, but also Covid, and stocks that have a presence in the Middle East, foremost ZOREN, as we stated
yesterday, and also ENKAI and TKFEN.
o As of yesterday's close, the TRY is trading flat against the USD at 27.72, but a tad weaker against the Euro at 29.29, and the DXY is calm at
106.10. The 2yr Bond yields fell by 72bps 28.75%, whereas the 10yr rates rose by 36 bps to 27%.
o On the Commodity front, Brent has pared some of yesterday's against to trade just above the $87 level, and ounce and gram GOLD
prices are trading higher at $1862 and TRY 1662, respectively.
AGENDA
o Unemployment, and the Industrial Production figures will be released on the local side today, while the US will be releasing the
Wholesale figures.
CORPORATE
o AKSGY: Disclosed that the decision has been made to purchase a 36.92% stake in WMG London Developments by WMG London
Developments L.P. for 170,909 pounds.
o BTCIM: An application has been made to the Central Securities Depository (MKK) by Kazım Dündar for the registration of 288,935
shares for trading on the Stock Exchange.
o BYDNR: It has been announced that a contract has been signed with a construction company for the construction of a red meat
processing and butter production facility by APZ, a wholly-owned subsidiary of the company.
o CONSE: It has been announced that the amendment application made by Mavibayrak Doğu Enerji, a wholly-owned subsidiary of the
company, to increase the solar-based auxiliary resource installed capacity from 1.8 MW to 9.9 MW has been approved.
o DAPGM & EKGYO: It has been announced that Building Permits for 35 commercial units under the Nişantaşı Koru project have been
obtained, and the number of independent units in the project remains 196.
o EUREN: An application has been made to the Central Securities Depository (MKK) by Gökmen İsmail İlhan for the registration of 300,00 0
shares for trading on the Stock Exchange.
o EKGYO: Disclosed that a revision has been made under the Ankara Saraçoğlu Mahallesi Conservation, Renewal, and Preservation project,
and the number of commercial units remains unchanged at 238, while the number of houses remains 285.
o GEREL: Disclosed that due to the galvanizing furnace at the Çaycuma Factory being pierced, production in the Galvanizing Section will be
suspended until October 25th, and that due to the VBTS, a gross settlement measure has been applied to company shares until November
9th, and the ban on short selling and margin trading has also been extended until November 9th.
o GENIL - Following the announcement of a shareholder agreement for the establishment of Azerbaijan's first pharmaceutical production
facility between the company's Azerbaijan Investment Company and SIA Pharmaceutical LLC, it has been disclosed that the establishment
procedures of the company named Gen Pharma Caucasus Manufacturing Operations MMC have been completed.
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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.