TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• After last week’s sluggish trading, buyers rushed to the BIST like the doors opening to Walmart on Black Friday, closing the day 3.76% higher at 5193 level with a turnover of TRY 135.9bn. Despite insider selling from many corporates, the inflows intensified with short covering kicking in.
• The Banks led the gains by over 4%, muting concerns of the new FX regulation, with the Conglomerates, REITs and Energy stocks lagging the benchmark, whereas the Mining stocks continued to outperform their peers.
• Thus, looking now at the BIST30 table, ASELS, KOZAL and TTKOM shares topped the most bought listings, and even though there were no stocks in the red, BIMAS, VESTL and SISE’s gains were sub-par to its peers.
• Today, we expect the positive mood to continue, but would be warry of possible profit-takings depending on the US CPI figures, expected to rise 0.3% m/m. Any figure higher may trigger selloffs as it would encourage Fed Chairman to speak on a more hawkish tone after the FOMC meeting, despite the market pricing in a 50bps rate hike.
• As of session close yesterday, the TRY is trading flat against the USD at 18.64, and has weakened against the Euro to 19.66, despite having had strengthened to 19.60 yesterday. The 2yr bond rates have fallen by 53bps to well below the 10% level to 9.66%, however, the 10yr yields have risen by 49bps to 11.24%. The 5yr CDS rates closed 2pts lower yesterday to 521.
• On the commodity front, Brent has jumped over the USD 79 level to trade higher at USD 79.30, whereas both ounce and gram GOLD prices are trading slightly higher at USD 1785 and TRY 1070, respectively.
• Speaking after the Cabinet meeting yesterday, President Erdogan stated that he hoped the markets will “try people’s patience no more,” adding “Inflation to slow to about 40% “in a few months,” further decelerate to around 20% by end-2023.”
NEWS FLOW:
• October Current Account Deficit came in at a much narrower level of TRY 0.36bn deficit vs the consensus TRY 1.60bn.
• MAVI: Slight positive market reaction likely on the back of 3Q22 results. The company disclosed 3q22 NI TRY 448mn vs TRY 153mn y/y which is slightly above the expectations. Retail sales figure expected at 10AM this morning may also impact Mavi’s share price.
• GARAN: Disclosed that it sold its TRY 691mn of bad loans for TRY 164mn that is 24 cents/dollar, which is a tad better than historical performances. This transaction is likely to have TRY164mn support on the banks’s pre-tax profit for final quarter.
• SASA: Disclosed that the company sold 2.5mn shares at TRY 115 prices, dropping its total share to 62.25% from 62.
• SAHOL: Disclosed that it has sold 4.8mn shares at TRY 36.60 that it bought back during its share buyback program via a block-sale, corresponding to a transaction size of TRY1.5bn.
AGENDA:
• On the local front, October Industrial Production figures will be released (Cons. -0.7% m/m), and Retail Trade figures, whereas on the international front, all eyes will be on the US CPI figures (Cons. 0.3% m/m and 7.3% y/y), as well as the Earnings’ figures. Germany will be releasing its CPI figures as well, alongside the ZEW Index.



 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.