TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

" Despite a positive opening to the session, the BIST100 succumbed to profit-takings, after climbing to its new historic peak of 3927, and rebounding from its day low of 3805, to close 0.16% lower at 3842, with another relatively high turnover of TRY 98.4bn.
" The Banks closed the day on a loss of 0.19%, whereas the Industrials rose by 0.12%, with the recent catalyst-the Energy stocks, facing the harshest sell-offs, by dropping 2.24%- the Mining and Transportation stocks also contributing to the negative mood.
" As such, VESTL, TCELL and FROTO topped the gains at the BIST30, whereas YKBNK, PETKM and KOZAL were the most sold. Please note our previous warning that PETKM may see an overhang on its share prices due to the sharp rise in ethylene naptha prices.
" Today, we expect to see reactionary buybacks at the BIST, and would be watching especially the Banks and ASELS, ahead of its 3q22 financials, after the BIST closes tonight (NI: Est: TRY 1.45bn)
" The TRY is trading flat at 18.59, still not much excitement on the FX front, however, the real excitement was on the Bonds' markets, as both the 2yr and 10yr yields have retreated by 21bps and 261bps, respectively, nosediving after the CBRT raised the lira-denominated securities maintenance rate to 5% from 3%. The 5yr CDS rates also continued their recent ascend-by another 21pts yesterday to 735.
" On the commodity front, Brent is trading at USD 89.2, whereas ounce and gram GOLD are trading flat at USD 1646 and TRY 984, respectively.
" Please note yesterday that we disclosed our "Cuhardaroglu Metal-CUSAN TI" Buy Report with a 12mth target price of TRY 33.1 @100% upside.
NEWS FLOW:
" Yesterday, Atlanta Fed President Raphael Bostic stated that the Fed will have a tough time achieving maximum employment unless it's able to get inflation under control, ""Even though there may be some short-run pain, it should lead to long-run significant gain. If we do not get this economy on a stable long-run trajectory, it's going to be hard for us to achieve a maximum employment that includes as many Americans as possible." Meanwhile, Minneapolis Federal Reserve Bank President, Neel Kashkari stated that the Fed may need to push policy rates above 4.75% if inflation does not stop rising.
" ECB Governing Council member Joachim Nagel stated yesterday, that the ECB should soon allow its almost 5 trillion-euro ($4.9 trillion) bond portfolio to start shrinking as the securities come due, augmenting existing efforts to combat inflation.
" HOUSING: Turkey home prices have risen by a record 184.6%, while tripling for Istanbul. According to the daily Dunya, the average sqm prices in Turkey have reached TRY 15k, while sqm prices in Istanbul were 39% greater.
" TRANSPORTATION: According to the daily Dunya, whereas demand at the global trade ports are decreasing, total tonnage in 2q22 have increased by 6.6% y/y in turkey to 273mn tons.
" GESAN: Disclosed that it has signed an $18.1mn wind-energy deal in Azerbaijan, and both ESEN and ORGE have signed deals worth $3.42mn and $1.3mn, respectively.
AGENDA:
" There are no major local macro releases today, whereas on the international front, US Housing Starts, and Building Permits, as well as the Beige Book will be released, whereas the Eurozone CPI figures (Est. 1.2% m/m: 10% y/y) will be closely monitored.

 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.