TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• Reportedly the maximum FX purchasing cap of commercial companies have been pulled down from US$5mn down to US$2.5mn and the CBRT told the banks to charge 5% commission on international fund transfers citing banking sector sources (www.ekonomim.com).
• The BIST100 closed Friday on a sour note, parallel to the global markets, due to the fear of contagion to the banking stocks, closing the week on a loss of 1.78% at 5136, and turnover of Try 71.7bn, due to the 3% losses in the Aviation, and deep losses in the Conglomerate and Banking stocks, whereas the REITs and Service stocks were better insulated.
• As such, ASELS, PGSUS and BIMAS led the gains among the BIST30 stocks, whereas EREGL, KCHOL and THYAO were the most sold.
• For the 5-day period, the benchmark lost 4.61%, as the Transportation stocks were the most sold, losing over 7%, and the REITs were lured by the devil it seemed, losing 6.66%, followed by the 5.41% losses in the Conglomerates and 4.86% in the Banks.
• The TRY was fairly flat against the USD, losing a quarter-percent in value, but devalued by 0.53% against the Euro last week, and whereas the short-term bond yields surged by 9.88%, the 10yr yields fell by 1.47%.
• On the Commodity front, Brent fell by 12% for the week, its lowest level in 15 months as Bank failure spook investors, and ounce and gram GOLD rose by over 6% each, despite the surprising 50bps rate increase by the ECB.
• Today, we expect a flat/negative opening at the BIST due to the negative mood in the global markets.
• As of Friday’s close, the TRY is trading flat against the USD at 19, and calm against the Euro at 20.29, whereas the DXY is slightly higher this morning at 103.80.
• Brent will start the new week, slightly lower, just above the USD 72 level, and ounce and gram GOLD are trading at USD 1981 and TRY 1211 respectively.
• Switzerland’s largest bank, UBS, has agreed to buy the troubled Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking
• On Friday, Fitch confirmed Turkey’s credit rating and outlook at B “Negative”
 
NEWS FLOW:
• GARAN: Disclosed that it will distribute gross TRY 2.08/share dividends, date not yet disclosed.
• YKBNK: Disclosed that it will distribute gross TRY 0.93/share dividends today.
AGENDA:
• This week, the main local headline data release will the MPC meeting, with the Bloomberg consensus estimating the policy rate to remain unchanged at 8.50%, as well as the Consumer Confidence, Foreigners’ net weekly STOCK/BOND investments, and the Foreign Tourist Arrival figures.
• The FOMC, and the BOE will also be disclosing their policy rates, as well as the U.S. second-hand home sales, new home sales, Durable Goods Orders, and the PMI figures, also expected from the UK and the Eurozone, whereas Japan will disclose its CPI figures.

 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.