TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

TAX HIKE TALKS SPARK SELL-OFFS
" The BIST100 faced harsh selloffs, especially in the second half of the day, after comments from opposition leader and former Minister of Economics, Mr. Ali Babacan, stated that they were hearing talks of increasing the tax rate on basic necessities to 20% from the current 10%, hit the news channels.
" As such, the BIST100 ended the day 2.15% lower at 8146, and on a turnover of TRY 152.7bn, led by the 5.51% losses in the Banks, and 3.18% in the Aviation stocks, whereas the Mining stocks managed to decouple positively from their peers due to media reports of the government's intention to increase Gold exports, as well as trading floor speculations of a merger in the KOZAL group shares.
" KOZAL, TOASO and SISE led the gains among the blue-chip stocks yesterday, as opposed to selling pressure on ISCTR, YKBNK and AKBNK.
" Today, we expect a sideways/up opening followed by the continuation of yesterday's downbeat trend, as insider stake sales, share registrations and rights offerings may weigh on the market. Global markets are expected to trade cautiously ahead of tomorrow's crucial US CPI figures. S&P500 futures and MSCI Asia are both down a tad this morning.
" Currently, the TRY is trading flat against both the USD and the Euro at 26.89 and 28.87, respectively, while the DXY is higher as of print at 104.63. The 2yr and 10yr rates will both soared by 28bps and 146bps to 24.16% and 20.76%, respectively.
" Brent is currently trading higher at USD 90.59 further contributing to global inflation, and ounce and gram GOLD prices are flat at USD 1921 and TRY 1661, respectively.
" On his return from the G20 meeting in India, President Erdogan stated on the plane that their top sector priorities were export-oriented players, pointing to Energy, Automotive, and Steel sectors. Erdogan also stated that they were in talks with a Korean company regarding the construction of the 3rd nuclear plant, which most probably explains the rise in ENKAI shares yesterday.
" The CBRT has increased the discount rate for export companies to TRY 3bn, thus 10x its rate from July.
AGENDA:
" There are no major local macro releases today, while Germany will release its Zew Index.
CORPORATE:
" June Current Account Deficit came in above market expectations at USD 5.5.bn, and the 12mth deficit increased to USD 58.5bn.
" Whereas the July IP figures fell by 0.4% m/m, it increased y/y by 7.4%
" AKGRT - Disclosed that premium generation surged by 119% to 2.2 billion TL in August and climbed by 109% to 15.6 billion TL from Jan-Aug 23.
" ANELE - A contract worth 9.1 million euros was inked between the company's subsidiary AnelMarin Ship Electricity and TAIS OG and STM Partnership, pertaining to the procurement of the Sixth, Seventh, and Eighth Ships.
" ALFAS - The company acquired all shares of Ada Ges Electricity Production for 93.2 million TL.
" DGNMO - Following the commencement of the process to acquire all shares of D'Afric Senegal from Doğanlar Investment Holding, the opening of the D'Afric Senegal furniture factory, situated on a 50,000 m2 area in Dakar, will occur today.
" DNISI - The GES investment situated on the total 6,450 m2 roof area of the PE Foam Production Facility, PE Lamination, PE Product Warehouse, and administrative buildings has been fully operational and electricity production has begun.
" ECILC - A decision was taken to invest 35 million euros to gradually increase the production capacity of the Lu 177(*) product, which Eczacıbaşı Monrol, the company's partner, already produces. This expansion aims to meet the rising global demand and is slated for completion by 2026.
" EUPWR - The company secured an order worth 3.6 million dollars from a firm in Portugal.
" IZENR - It was announced that the additional capacity increase permission within the scope of the GES investment was approved by the Ministry and the connection agreement came into effect.
" KARYE - Following the announcement that the company's subsidiary Alsun İşletme applied to EPDK with the commitment to establish a storage facility, and additionally applied for a pre-license for a total of 200 MW Storage GES capacity for 4 projects, it was announced that a positive return could not be received due to the fullness in TEİAŞ capacities.
" MEDTR - It was announced that 67.9% of the tender made by the Istanbul Provincial Health Directorate, worth 20.4 million TL, remained in the company's possession.
" OYAKC: Disclosed that it has decided for Oyak Denizli Cimento to be merged with the group cement companies.
" SMRTG - The capital of the company's 100% subsidiary Smart GES Enerji, which is 121 million TL, has been increased to 175 million TL.
" ASUZU disclosed that it will increase its paid-in capital by 200% to TRY 252mn; KAREL: Disclosed that it will increase its paid-in capital by 100% to TRY 805mn and LIDER will increase its paid-in capital by 150% to TRY 165mn.
" TARKM: Shares will start trading today at the BIST100.



 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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