TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed Friday on a positive note, rising by 1.31% to close the week at 5626, and turnover of TRY 89bn, led by the gain in the Transportation stocks, whereas the Banks decoupled negatively.
• Accordingly, PGSUS, ALARK and KRDMD led the gains among the BIST30 stocks, whereas GARAN headed the loss column for Banks, and was followed by HEKTS and ISCTR.
• For the week, the BIST100 rose by 10%, with the Banks, Conglomerates and Industrials rising by 6.26%; 10.48% and 8.46%, respectively, with the Transportation stocks soaring by 17.61% ahead of the anticipated better-than-expected 2023 summer season. The REITs underperformed the benchmark due to the increasing interest rates, by rising just a little over 4%.
• The TRY weakened against both the USD and the Euro by 11.63% and 12.06%, respectively, and the both the 2yr and 10yr bond yields rose by 16.48% and 26.04% respectively for the week.
• Today, we expect a positive opening at the BIST, but gains may be suppressed due to both this week’s FOMC meeting, where the possibility of a 25bps rate hike is still in the cards, as well the road-plan set to be announced by the new commanders of the local economy.
• As of Friday’s close, the TRY is trading weaker against the USD at 23.62, and but noticeably weaker against the Euro at 25.39, and the DXY is at slightly higher at 103.60.
• On the Bonds’ side, the 2yr and 10 yr rates will start the new week from the 15.69% and 15.10%, whereas on the commodity front, Brent is kicking-off the new week considerably lower at USD 73.92, and whereas ounce is flat at USD 1961, gram GOLD is trading higher at TRY 1481.
• The Minimum Wage Committee is set to start holding talks tomorrow regarding the potential mid-term minimum wage adjustment, and we may see this create a short-term overhang on BIMAS shares in the short run as they employ the greatest number of employees getting minimum wage, however, increased volumes are likely to compensate for initial negatives, in the longer run.
NEWS FLOW:
• ISGYO: According to the daily Ekonomim newspaper, its Profilo shopping center will be torn down as to make way for new home sales, with the cement work expected to commence at the end of Summer. Please note that ISGYO had sold its shopping center at the heart of Istanbul for USD 65mn.
• AHGAZ: Disclosed that it will start a share buyback program of maximum TRY 250mn.
AGENDA:
• The new week on the local side will kick-off with the Current Account Balance, Unemployment Rate, Retail Trade, Home Sales and Home Sale Prices, the Central Bank Budget Balance, Expected 12mth Inflation Rate, and of course, the Weekly Foreigners’ Net STOCK/BOND investment changes, and Moody’s Country Credit Ratings Decision (B3 “Negative Outlook”).
• On the International Side, the most compelling macro flow will be the US FOMC decision, and the ECB and BOJ will also be announcing their policy rates.
• The US will be disclosing its Inflation figures, Retail Sales, and Industrial Production, as well.

 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.