TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

LATE RALLY NOT ENOUGH TO SAVE THE BIST
o Despite a strong opening, and above the key 8400 make-or-break level, failure to add on top of this level, except by a mere 71 pts, led to profit-takings and for the BIST100 to close on a loss of 0.86% at 8260, and with a turnover of TRY 159.2bn. The sales escalated rapidly after news flows that Israel had also started bombing Syria-thus the contagion worries were woken. The US markets also closed negatively due to the slightly higher-than-expected CPI readings.
o Today, we expect the late gains at the BIST to spillover to the opening, and thus expect a positive opening, and hope we do not go into the weekend frightened and worried, considering today is indeed Friday the 13th!
o ASELS-KOZAA and TUPRS were the most bought blue-chips, whereas TAVHL-PETKM and EKGYO were the most sold. We observed interest in ASELS shares increasing especially after Bloomberg reported that the Abu Dhabi EDGE Military contractor was interested in investing in the Turkish Defense sector.
o As of yesterday's close, the TRY is trading weaker at 27.79 against the greenback, and at 29.34 against the Euro, while the DXY is at 106.39.
o Shifting our attention to the commodities, Brent has once again started trading higher due to the escalation in the violence in the Middle East, as is currently hovering around the $86 level, and parallel to the War, ounce and gram GOLD prices are also higher at $1877 and TRY 1677, respectively.
o The US Consumer Price Index, similar to the previous day's PPI figures, were higher than expected in September, thus raising the prospect of further rate hikes from the FED, increasing by 3.7% on an annual basis, vs. the Bloomberg Estimate of 3.6%, and rising by 0.4%, vs the Bloomberg Estimate of 0.3%, albeit decelerating from the previous month's rate of 0.6%.
o On the local front, Foreigners were net SELLERs of both Turkish EQUITIES and BONDS, to the tune of $238mn and $36mn, respectively, while the gross reserves, according to the CBRT, rose by $680mn to $122.9bn, and net reserves saw a slight increase of $20.7bn vs last week's reading of $20.6bn.
o Speaking at the World Bank/IMF Meeting at Marrakech, Morocco, The Treasury and Finance Minister, Mr. Mehmet Simsek stated that real interest rate returns were near, and was the Administration's top priority. Also at the Summit, the Head of JP Morgan Türkiye desk, told BloombergHT, that the Türkiye panel attracted the highest number of investors.
AGENDA
o There are no major local macro releases expected today, whereas our international peers will be following the Eurozone IP figures and USD Michigan Consumer Confidence Levels.
CORPORATE
o ALARK - Disclosed that the Company's subsidiary Alarko Tarım acquired the entire Altes Seracılık for TRY50mn.
o KCHOL - It was announced that a cash advance dividend of TRY5.4bn will be distributed by Energy Investments, of which the company's subsidiary AYGAZ owns a 20% stake.
o MACKO: Disclosed that it has signed a 15 month deal with a local client worth TRY 175mn.
o PNLSN - The company announced that it received a Sandwich Panel order worth TRY14.9mn from a domestic firm.
o PGSUS - In September, compared to the same period of 2022, the number of domestic passengers increased by 13% to 1.08 million, the passenger occupancy rate decreased by 3.0 points to 91.7%. The number of international passengers increased by 18% to 1.99 million, the passenger occupancy rate increased by 0.9 points to 85.8%. The total number of passengers increased by 16% to 3.07 million, and the passenger occupancy rate increased by 1.5 points to 87.8% and in the January-September period, compared to the same period of the previous year, the number of domestic passengers increased by 8% to 8.81 million, the passenger occupancy rate increased by 2.8 points to 88%. The number of international passengers increased by 28% to 14.99 million, the passenger occupancy rate increased by 1.3 points to 82.8%. The total number of passengers increased by 20% to 23.8 million, and the passenger occupancy rate increased by 1.6 points to 84.6%.
o REEDR - It was announced that an investment of $1.4mn in machinery and equipment was made.
  

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