TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

PRESSURE ON BIST DEEPENS
o Despite a positive opening to the session, due to the game-changing comments regarding the current war in the Middle East by US President Joe Biden, the mis (or more cynically dis) information, dismissal of the ceasefire between the US, Israel and Egypt in southern Gaza, once again triggered investors to hit the bright red flickering "Risk-Off" button, causing for the BIST to diverge negatively from its peers, and close the day on a loss of 2.20%, with the bulk of the sales coming towards the end of the session, at 7935, and turnover of TRY 115.7bn.
o The Industrials and the REITs led the sell-offs, with the Banks losing 1.26% yet outperforming the market. Despite rising fuel prices, Covid and War, the Aviation stocks managed to ward off most of the sales, with THYAO even closing positively. The Mining shares were the best perfomers, until they too faced profit-takings towards the end of the day. Also worth noting, TUPRS shares plummeted by 4.10%, ending the day at TRY 140.50, despite a strong opening and peaking at TRY 150, after the release of a "Sell" report by UBS.
o Today, we expect a positive opening at the BIST, due to the mounting pressure Israel to end its siege of Gaza and for a cease-fire to take effect.
o On the BIST30 front, ARCLK-KOZAA and ENKAI were the top 3 bought blue-chips, as opposed to PETKM-ODAS and ASELS.
o As of yesterday's BIST closing figures, the TRY is trading weaker against both the USD and the Euro at 27.90 and 29.43, respectively, and the DXY is slightly higher at 106.30. The 2yr Bond rates rose slightly by 2bps to 27.71%, while the rise was sharper at the 10yr rates, closing 30bps higher to 27.57%.
o On the commodity side, Brent is continuing to fall after Sunday's speech by Biden, currently trading at $88.60, whereas ounce and gram GOLD prices are calm this morning at $1915 and TRY 1718, respectively.
o US Secretary of State, Anthony Blinken announced that the US President, Joe Biden will visit Israel on Wednesday, following Blinken's meeting with the Israeli PM, Benjamin Netanyahu. Blinken also announced the U.S. and Israel will develop a plan "that will enable humanitarian aid from donor nations and multilateral organizations to reach civilians in Gaza and them alone, including the possibility of creating areas to help keep civilians out of harm's way."
o The Government disclosed the details of its 2028 Economic Program, with the aim of increasing the personal income to USD 17,554, decrease inflation to 4.7%, and reduce the unemployment rate to 7.5%, by increasing employment by 5mn.
o Yesterday, the figures revealed the continuing fall in Home Sales, dropping by another 9.5% y/y to 102,656 units, and sales to foreigners fell by 42%.
AGENDA
o On the local front, the Housing Price Index will be released today, while our international colleagues will be tracking the US Retail Sales, Industrial Production and Capacity Utilization Rate, while Germany will release its ZEW Index.
CORPORATE
o OTKAR: Revealed that it has been awarded a tender, that was opened on November 23, 2022, worth €130mn, to supply 6x6 Armored Vehicles to a European country. We expect positive market reaction on the stock today.
o ARCLK: Disclosed that its subsidiary Beko B.V. will distribute gross TRY 51.5mn cash dividends.
o ARDYZ: Disclosed that it had submitted the highest bid in the Highways Smart Roads Project Development, tendered by TURKSAT.
o ASTOR: The company signed a contract worth 3.2 million euros with a foreign firm.
o CWENE: Disclosed that, under the 2022 investment incentive certificate, a production line machine was obtained through financial leasing for approximately 10.2 million dollars, with a principal payment of 295.7 million TL, resulting in a total repayment amount of approximately 595.7 million TL, financed over 36 months through Vakıf Participation.
o EUPWR: Disclosed the purchase of a 'Distribution Transformer' worth 3.5 million dollars from a foreign firm.
o FORTE: Disclosed that a contract worth 2.1 million dollars was signed with Havelsan.
o ONCSM: Disclosed that the company won the bid for the 2-Month Chemotherapy Drug Preparation Service Procurement tender held by Dr. Abdurrahman Yurtaslan Ankara Oncology Training and Research Hospital with a bid of 4.1 million TL.
o PEGYO: Disclosed that the mortgage on Sümerpark AVM, part of the company's portfolio, was annulled in favor of Ziraat Participation Bank for 600 million TL. In its place, a mortgage was established on six independent sections numbered Skycity 2-4-5-6-8-24 in favor of Ziraat Participation Bank for 44.3 million TL.
o SMRTG: Disclosed that the company's 100% subsidiary, Smart Solar Energy Equipment, signed a contract worth 3.3 million dollars with a domestic customer.
o TUCLK: Disclosed that the company's registered capital ceiling was increased from 200 million TL to 900 million TL.
 

 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.