TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

" The BIST100 closed yesterday on a loss of 0.67% at 5589, and turnover of TRY 91.7bn, after peaking at its new historic summit at 5730, bettering its old record by around 27pts, before seeing profit-takings in the afternoon.
" The Banks continued to diverge negatively, and quite profoundly too, from its peers, falling by another 2.79%, whereas the Aviation stocks continued to soar over their peers, encouraged by the past weekend's high foreign turnout for the Champions League final, which is expected to trigger further international events in Turkey, also worth noting that tourism hot spot Antalya, realized its highest flight count in 6 months on June 10th, by servicing 954 international and 116 domestic flights for a grand total of 1070 flights, thus accommodating 182, 113 passengers in all.
" Accordingly, THYAO, PGSUS, and AKSEN led the gains among the BIST30 stocks, whereas SASA, YKBNK and ALARK were the most sold. The news on sale of Sasa stakes by Erdemoglu Holding came after the market closing. The TRY53/share price is 15% lower than yesterdays' closing. So more pressure on Sasa likely today.
" Today, we expect a positive opening at the BIST parallel to the positive mood in the global markets, on expectations that the FOMC will leave rates unchanged at tomorrow's meeting.
" As of yesterday's close, the TRY is trading weaker once again against both the USD and the Euro at 23.69 and 25.57, respectively, whereas the DXY has retreated slightly to 103.40, as of print.
" The 2yr and 10yr rates rose by 118bps and 160 bps to 16.87% and 16.70%, respectively.
" On the commodity front, Brent is trading slightly higher compared to yesterday's closing price at USD 72.16, weighed down yesterday due to the slight probability of a rate increase by the FOMC on Wednesday, decreasing demand due to the economic slowdown. Goldman Sachs also once again lowered its year-end forecast to USD 86 from USD 95. Both ounce and gram GOLD are flat at USD 1957 and 1487, respectively.
NEWS FLOW:
" GRSEL: In an interview with BloombergHT channel, Hurer Gunduz, board member of GRSEL, made following comments: We don't and won't borrow in foreign currency even though we have FX revenues; Starting from COVID, number of buses have declined greatly. We see recovery and growth potential in Europe; With the increase in FX revenues, we expect an increase in profit in our second quarter; After Germany and Jordan, we are exploring the Balkans for new investment opportunities.
Please note that per our "Buy" Report issued on April 10th, 2023, our target price is TRY 29.10, still representing a 55% upside potential from yesterday's close. You can find our report in the below link…
https://www.tfgistanbul.com/userfiles/files/GRSEL-BUY-100423-TFG%20ISTANBUL.pdf

" SASA: Disclosed in a press release, "the successful completion of the sale (by way of an accelerated bookbuilding transaction) to qualified institutional investors residing outside of Türkiye of 66,937,802 shares held in SASA Polyester Sanayi A.Ş. ("SASA") corresponding to approximately 1.26% of the issued share capital of SASA (the "Transaction"). The Transaction was priced at TL53 per share, raising gross proceeds of approximately TL3.55 billion. As the sale price is 15% lower than yesterday's closing, we deem the news may reflect negatively onto the stock today.

" CUSAN: Disclosed that it has signed a contract amounting 18.7 EURmn steel façade works for a local construction company.
AGENDA:
" On the local front, the Retail Trade WDA will be released, whereas on the international front, Germany will be disclosing its Inflation and Zew Index, whereas the US will also be releasing its inflation figures, coming out fresh before the FOMC meeting on Wednesday


 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.