TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST continued to rise, the BIST30 and BIST100 ranking 2nd and 3rd in both LCY and USD terms, only behind the Laos Composite Index, among the best performers among the primary indexes after the rebound as of January 12th, closing yesterday another 0.71% higher at 5422, with a turnover of TRY 109bn, led by the gains in the Aviation and Conglomerates, whereas the Banks rose by 0.92%, while the Energy stocks diverged negatively from their peers.
• GUBRF, ARCLK and KOZAL led the gains at the BIST30, whereas ASELS, DOHOL and TTKOM were the most sold.
• Today, we expect a positive opening, but may see profit-takings towards the end of the day.
• As of yesterday’s close, the TRY is trading flat against the greenback at 18.80, as well as the Euro at 20.35, whereas the DXY has risen slightly to 102.20.
• The 2yr bond rates fell slightly by 3bps to 10.25%, whereas the 10yr yields rose by 6bps to 10.12% yesterday. The 5yr CDS rates rose by 10pts yesterday to 566.
• On the commodity front, Brent is trading higher at USD 86.50, and ounce and gram GOLD are flat this morning at USD 1925 and TRY 1164, respectively.
• Federal Reserve Vice Chair Lael Brainard said interest rates will need to stay elevated for a period to further cool inflation that’s showing signs of slowing but is still too high, even after signs price gains are easing. Also, Federal Reserve Bank of Boston President Susan Collins said she favours a more moderate pace of interest-rate increases, even as the central bank continues to tighten policy to reduce high inflation.
• According to media reports, the Turkish and U.S. Defence Ministries will continue negotiations regarding the F-35 fighter jets. Yep, not F-16 but F-35, that’s what the news says.
• Yesterday, speaking at a panel in Davos, ECB President Christine Lagarde stated that inflation is way too high, and will stay course with rate hikes.
• The CBRT left the policy rate unchanged at 9%, as widely expected.
NEWS FLOW:
• EBRD: First VP stated yesterday to the local BloombergHT news channel that they plan to invest €1.5-2bn for Turkey, with a bias towards green energy. We deem this especially positive on Energy and TSKB, as it is the key intermediary of green energy loans from the EBRD to the borrower.
• The CMB has undertaken new initiatives to protect individual investors, especially during IPOs, as they only receive small percentage of their total demand.
• The Competition Board has opened an investigation against tractor companies. We deem this negative for TTRAK.
• PGSUS: Disclosed that Societe Generale arranged for the sustainability-linked loan to finance 10 A321neo aircrafts but did not disclose the amount.
• PKART: Disclosed that it has signed a €33.575mn to print smart cards.
• ZOREN: Disclosed that it will increase its paid-in capital via a rights’ issue by 140% to TRY 6bn from TRY 2.5bn.
Equity and Bond Transactions by Non-Residents:
In the week of January 13, Non-residents have bought a US$148mn of portfolio investments, including a net inflow of US$68mn to equity portfolios and $80 million to bond portfolios. After 5 weeks of sell-off, foreign inflows restarted. Currently, non-residents own 29.1% of the BIST’s free float, while their share in bonds stands at 0.8%.
 
AGENDA:
• There are no major local macro releases expected today, whereas on the international front, U.S. Existing Homes Sales figures will be released, and elsewhere, Japan will release its CPI, China will disclose its loan prime rates, and the IMF and ECB Presidents will be speaking in Davos.

 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.