TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST closed yesterday on full throttle buy-mode, rising nearly 8%, with a formidable turnover of TRY 89.6bn, diverging way positively from its peers, with the gains accelerating after Muharrem Ince, head of the Homeland Party announced that he was withdrawing from the elections, thus boosting the chance of the opposition party led by the CHP President, Mr. Kemal Kilicdaroglu, ousting the incumbent President Erdogan.
• The Banks led the gains, rising nearly limit-up, led by AKBNK, GARAN and ISCTR, which all closed the day limit-up, as well as FROTO and TUPRS, and parent company KCHOL and DOHOL.
• Though no stock among the blue-chips closed in the red, KOZAL, GUBRF and ODAS lagged the gains among their peers.
• Today, we expect the risk-on mode from yesterday to continue as margin calls most of which are presumably due to short positioning in stocks, surged to over TRY1bn from a mere TRY75mn two days ago, today we believe that most those investors will prefer closing those positions instead of bringing fresh capital and further contribute to the up move.
• As of yesterday’s close, the TRY is trading flat against the USD at 19.57. However the street rates hover around 21.5, that is almost 10% above that of interbank. The 2yr and 10yr bond rates closed 2bps and 50bps higher at 16.63% and 12.78%, respectively.
• On the commodity front, Brent is trading lower at USD 74.54, and whereas ounce GOLD has slid slightly to USD 2010, gram GOLD has risen to TRY 1265.
• As widely expected, the BOE has increased interest rates by 25bps to 4.50% yesterday.
• Yesterday, ECB chief Christine Lagarde hinted at future rate hikes as she said that the fight against inflation was not over.
• Turkey’s March Current Account Deficit came in at USD 4.48bn vs the expected USD 5.3bn, thus the 12mth CAD has accrued to USD 55.3bn.
• Last week, Foreigners were net SELLERs of USD 44mn EQUITIES and net SELLERs of USD 71mn BONDS
NEWS FLOW:
• TOASO will be included into the MSCI Index
• ASELS: Disclosed that it has signed a €197.5mn agreement with a local defence company BMC
• SAHOL: Disclosed that it has singed USD 110mn loan agreement with the EBRD for the 55mw financing of its subsidiary ENJSA’s wind energy purchase
• SISE: Disclosed that at USD 12.2mn payment to Sisecam USA has been made in relations to Stocton Port in Californina/USA.
• YYLD: Disclosed that it will increase its paid-in capital by 130% to TRY 1.08bn from TRY 472.6mn
• NTGAZ: Disclosed that it will increase its paid-in capital by 100% to TRY 230mn from TRY 115mn
AGENDA:
• There are no major macro releases expected today, whereas the US will be releasing the Michigan Consumer Sentiment 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.