TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

LATE RALLY AND EXCITEMENT BRINGS LIFE BACK TO THE BIST
" The BIST closed 0.85% higher at 5061, thanks to the news from across the Pond that the U.S. Supreme Court bolstered a bid by the state-owned Halkbank (HALKB) to avoid criminal charges by throwing out a lower court's ruling that had allowed the prosecution to proceed and ordered the Manhattan-based 2nd U.S. Circuit Court of Appeals to reconsider HALKB's effort to dismiss the case.
" The Banks were lifted by 3.60%, whereas the Transportation and the Mining stocks diverged negatively.
" On the BIST30 side, GARAN, ENKAI and TOASO (speculation of entrance into the May MSCI Index) were the biggest earners, whereas TAVHL, KOZAL and KRDMD were the biggest losers.
" Today, we expect a flat/negative opening at the BIST, parallel to the global markets.
" As of yesterday's close, the TRY is trading flat against both the USD and the Euro at 19.40, and 21.27, as of print, and looking on the Bonds' side, the 2yr rates rose by 29bps to 14.19%, whereas the 10yr rates were unchanged at 12.17%.
" On the commodity front, Brent is continuing its recent downfall, currently at USD 81.95, and both ounce and gram GOLD prices are also lower at USD 1992 and TRY 1243, respectively.
" U.K Inflation rate came in higher-than expectations at 10.1% vs. 9.8%, despite falling from 10.4% in February.
" The U.S. April Fed Beige Book showed that credit conditions tightened after the SVB failure, "Overall economic activity was little changed in recent weeks," the report said. "Nine Districts reported either no change or only a slight change in activity this period while three indicated modest growth."
" On the local front, CBRT Market Participants' Survey revised down the 12mth inflation rate to 31.02% from the previous 31.63% and expected the YE23 Inflation reading at 37.77% from its previous forecast of 37.72%.
" President Erdogan is set to formally inaugurate the start of the natural-gas production from the Black Sea terminal today. Accordingly, we may see the Energy stocks move positively, such as TUPRS and PETKM.
1Q2023 FINANCIAL RESULTS:
" ARCLK: Neutral: Arcelik posted 1Q23 results in line with market consensus. The company posted revenue and EBITDA of TRY39.9bn and TRY3.7bn while net profit for 1Q23 stood at TRY1.107bn. EBITDA margin for the quarter was 9.2%, also in line with expectation. In its guidance for 2023, the company expects a 45% growth in Turkish revenue on TL basis. International revenue growth of approximately 6% and consolidated growth of approximately 45%.
NEWS FLOW:
" ALARK: Disclosed that shareholder Dalia Garih has applied to make 5.22mn shares tradeable at the BIST.
" EKSUN: Disclosed that it has submitted a bid in the tender of 29,700 ton wheat sales by the United Nations Relief and Works Agency.
" EKGYO: Disclosed that it has signed a TRY 420mn construction agreement in Basaksehir/Istanbul.
" QUAGR: Disclosed that it has applied to increase its paid-in capital to TRY 2.8bn from the current TRY 2.6bn.
" AKMGY: Will disclose gross TRY 4.16/share dividends today.
AGENDA:
" There are no major macro releases expected today, and please note that the BIST will be closed today at 10:40GMT in observance of the end of Ramadan, and will re-open on Monday, April 25th, whereas on the U.S. front, Weekly Jobless Claims, Existing Home Sales, and Philadelphia Fed Manufacturing Index. The Eurozone will also disclosed the Minutes from last week's ECB meeting.



 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.