TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

REPENT THE REACTION IS NIGH
• Despite a positive opening to the day, the BIST saw profit-takings, and things got uglier towards the end of the session, with the sell-offs accelerating after the higher-than-expected US PPI figures, ending the day 1.33% lower at 8331, and turnover of TRY 132.2bn, led by the losses in the Transportation stocks, primarily due to the war in the Middle East, leading to flight cancellations, and profit-takings in the Energy stocks, while the Banks managed to decouple positively from their peers, thanks especially to ISCTR, and followed by AKBNK and YKBNK, respectively.
• Today, we expect the BIST to bounce back from yesterday's somewhat panic sell-offs.
• TCELL-ISCTR and HEKTS were the most bought BIST30 stocks, whereas ENKAI-KRDMD and THYAO were the most sold. The Minister of Energy and Natural Resources stated yesterday that Russian State Atomic Energy Corporation, aka Rosatom, was interested in investing in Türkiye in the renewable energy sector. We deem such a development to be negative on the local companies as it would increase competition in an already saturated market.
• As of yesterday's close, the TRY is trading weaker against both the USD and the Euro at 27.75 and 29.50, respectively, while the DXY is slightly higher at 105.62. On the Bonds' side, the 2yr rates fell by 60bps to 26.92%, while the 10yr rates increased slightly by 5bps to 27.05%.
• On the Commodity front, Brent is trading considerably lower this morning at $84.90, and ounce and gram GOLD prices are slightly higher at $1879 and TRY 1677, respectively.
• The US PPI increased by 0.5% for September against the estimated 0.3%, and core PPI, excluding Food and Energy was up by 0.3% vs the expected 0.2%.
• The Minutes from last week's FOMC meeting revealed that members were divided on the future path of rate hikes, with the expectation of one more rate hike in the next two meetings.
• Türkiye's Current Account Balance posted a $619mn deficit in August, thanks primarily to the positive contribution from the Services Sector.
• According to the daily Hurriyet newspaper, new measures aimed at securing financing for publicly listed companies, aimed at protecting investors during times of high volatility and volume trading is currently underway.
AGENDA
• On the local front, the Non-resident Weekly Net STOCK/BOND holdings will be disclosed, while the US will be disclosing its CPI (BBGe: 0.3% m/m: +3.6% y/y) and Weekly Jobless Claims Numbers. Yesterday PPI surprised on the upside. The likes of an elevated CPI reading is high in our view. This may have downbeat impact on BIST after 15:30.
CORPORATE
• ASTOR - The company has disclosed the signing of a sales agreement worth 2.9 million euros with an international customer for Power Transformers.
• EUPWR - The contract for the purchase of Air Cell Transformer Center Frame under the Havalı Hücre Trafo Merkezi Çerçeve Alt Alımı İşi tender conducted by Başkent Elektrik Dağıtım, with a winning bid of $0.93mn.
• GESAN- Disclosed that an agreement has been reached between the company and Karesi Polyester for the construction of a $76.5mn Turnkey Consumption Land GES.
• MAGEN - An application has been made to EPDK by the company's 100% subsidiary Anatolia Renewable Energy to obtain an electricity supply license in the electricity market.
• PETKM - A new contract aimed at enhancing flexibility in raw material procurement under the 20-year raw material procurement contract signed with STAR Refinery in 2014, to maximize benefits amid changing market conditions.
• SAYAS - The company anticipates generating approximately €3.6mn in revenue from commercial sales of wind turbine and wind turbine tower assemblies to Ateş Wind Power in the fourth quarter of 2023 and the company's offer of $1.9mn to GRI Renewable Industries has been accepted.
• YEOTK - A contract worth $5mn has been signed between the company and a customer in Azerbaijan.
 

 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.