TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

HIGHER OPENING FOR BIST LIKELY THANKS TO GLOBAL RELIEF
" The BIST100 observed a relatively choppy trading session yesterday-albeit in the positive zone the whole time, however, the ECB's surprise 50bps rate hike amid the Banking contagion in Europe, caught many investors off guard, and caused for a brief profit-taking at home as well, before investors started to re-buy, and helped the benchmark close 2.11% higher at 5230, but on a rather low turnover of TRY 61.8bn. The European markets closed higher, thanks to the 19% surge in Credit Suisse shares on the central bank's intervention.
" The U.S. markets also edged higher yesterday after 11 banks pledged a deposit of USD 30bn in First Republic Bank.
" Yesterday, the ECB said it was monitoring "current market tensions" and would provide liquidity support to the euro area financial system if needed. "The euro area banking sector is resilient, with strong capital and liquidity positions," it added.
" The Energy and Conglomerates lifted the BIST higher, whereas the Banks and Transportation stocks lagged the gauge.
" On the BIST30 side, ARCLK, BIMAS and KCHOL were the most bought stocks, whereas HALKB, DOHOL and VAKBN were the most sold. Ahead of the flour company EKSUN's IPO, we also observed interest on its peer names, such as SOKE and ULUUN.
" Today, we expect the positive mood to spill over to the opening.
" As of yesterday's close, the TRY is trading flat against the USD at 19, but slightly weaker against the Euro at 20.23, whereas the DXY has fallen slightly 104.05.
" On the commodity front, Brent has jumped to USD 75.08, and both ounce and gram GOLD prices are trading higher this morning at USD 1930 and TRY 1179, respectively.
" According to Bloomberg, citing AKP officials with knowledge of President Erdogan's draft election manifesto, prioritises free market principles, marks return to more orthodox economic policies, and seeks to overcome economic difficulties by giving role to former deputy PM Mehmet Simsek.
Foreign Investors Flip-flop: Sell Off Last Week's Buys!
Foreigners offloaded US$54mn of equities and US$56.2mn worth of bonds in the week ending on 10th March according to the CBRT. This corresponds to a net foreign outflow of US$110mn after exchange rate adjustments, showing that the earlier week's buying frenzy fizzed-out quick.
Since the beginning of 2023, foreigners have divested a hefty US$540mn in equities. The share of non-residents in BIST's free float currently stands at 29.0%, while their stake in outstanding bonds has further slipped from 0.8% to 0.7%.
NEWS FLOW:
" ALARK: Disclosed that its subsidiary Alarko Tarim has bought agriculture firm Alsera Jeotermak for TRY 76.4mn
" GOODY NEGATIVE: The company will no longer hold production on Sundays staring from June/July. Pulling down the number of production days from 7 to 6 show the sliding demand in the sector.
" SASA POSITIVE: Disclosed that it will increase its paid-in capital by 127.72 via bonus issue.
" BIST30 INCLUSION: ENKAI
" EXCLUSION: TKFEN
" BIST50 INCLUSION: GESAN-ENKAI:
" EXCLUSION: OTKAR/AGHOL
" BIST100 INCLUSION: ALFAS-GENIL-IZDMC-KONYA-ULUUN
AGENDA:
" There are no major local macro releases, whereas the Eurozone CPI figures, and U.S. Capacity Utilization and Industrial Production figures will be closely followed, as well as the Michigan Consumer Sentiment. Please note that Fitch is expected to disclose its Turkey credit rating, which currently stands at B with a "Negative" outlook.



 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.