TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

NOT PRETTY-BUT GOT THE JOB DONE
" The BIST closed yesterday on a gain of 0.63% at 5124 and relatively higher turnover of TRY 68.4bn, despite a volatile trading mood that saw it flirt in the red-zone more than once but managed to close on strong gains towards the close, led by the gains in the Banks, followed by the Mining stocks, whereas the REITs observed profit-takings. The European markets also closed higher yesterday, levied by the gains in the Mining stocks, as Rio Tinto closed 5% higher, after the long Easter break.
" The IMF reduced its 2023 growth projection for Turkey to 2.7% from 3.0% and forecasts a growth rate of 3.6% for 2024. The IMF reduced the 2023 Inflation rate to 50.6% from 51.2%, and sees it at 35.2% for 2024, the CAD/GDP at -4% for 2023, and -3.2% for 2024.
" HEKTS once again topped the BIST30 most-bought blue chip stocks, and was followed by GARAN and AKBNK, whereas TAVHL, ASELS, and SASA were at the bottom of the listings.
" Today, we expect a slightly positive opening, expecting the buying appetite from yesterday's close to continue, but would be careful of potential profit-takings in the afternoon.
" As of yesterday's close, the TRY is trading weaker against both the USD and the Euro at 19.30 and 21.10, respectively, whereas the DXY has fallen slightly to 102.0.
" On the commodity front, Brent has risen slightly to USD 85.50, and ounce and gram GOLD are trading considerably higher at USD at 2019, and TRY 1253, respectively.
" February Industrial Production saw a steep fall of 6% m/m, vs the Bloomberg expectation of +1.8%, and fell by 8.2% on a y/y basis, the largest decline since the Covid pandemic crippled the world economies, due to the February 6 earthquake.
" February Construction Cost Index rose by 2.08% m/m and 72.37% on a yearly basis, cost of materials rose by 3.43%, by employment declined by 1.20% m/m.
NEWS FLOW:
" PGSUS: According to its March passenger figures, total passenger count rose by 23% to 2.14mn, but total capacity fell by 3.8% to 83%. Total international passenger count rose by 33% to 1.31mn, whereas domestic count rose by a mere 10% to 830k
" GESAN: Disclosed that it has signed a USD 3.5mn deal with a local client.
" Today, EKGYO, ENJSA, ENKAI and TKFEN will distribute gross TRY 0.23; TRY 2.30; TRY 0.36 and TRY 1.40 cash dividends.
AGENDA:
" On the local agenda, the February Retail Trade figures will be released, whereas across the pond, the US CPI figures (Est. +0.2% m/m) and (Est.5.1% y/y) is the most compelling news flow at 13:30 GMT, as well as the Earnings' figures, followed by the FOMC minutes from last week's meeting after the markets close.



 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.