TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed yesterday on deep sell-offs, falling by 3.13% to 4975, with a turnover of TRY 70bn, due to the negative sentiment in the global markets after UBS’s buyout of troubled Credit Suisse, despite the European markets paring their losses to close in the green, including the Banks, whereas the Mining stocks closed 3% higher, their Turkish peers rising likewise, albeit not as enthusiastically after also succumbing to the general panic sales.
• As such, HALKB, KOZAL and GARAN were the most bought blue-chip stocks, whereas GUBRF, TKFEN and SASA were the most sold.
• Today, we expect the BIST to try to pare yesterday’s sell-offs, and open on a positive note, parallel to the global markets.
• As of yesterday’s close, the TRY is trading flat at 19.02 against the USD, and also calm at 20.38 against the Euro, in-line with the flat trading of the DXY at 103.37. Both the 2yr and 10yr bond yields rose yesterday by 78bps and 41bps to 12.35% and 11.82%, respectively.
• Brent is currently trading a tad higher than yesterday’s session close at USD 73.08, while both ounce and gram GOLD are slightly higher this morning at 1981 and 1212, respectively.
• Yesterday, European Central Bank President Christine Lagarde said that the euro zone banks have capital and liquidity levels well beyond their requirements as she sought to reassure jittery markets of the health of Europe’s financial sector. She stated, “We are very confident that the capital and liquidity positions of the euro area banks are very satisfactory, with significant capital ratio and liquidity coverage ratio way in excess of requirements,” adding that the ECB was prepared to step in should further support be necessary: “We stand ready with our policy toolkit to provide liquidity support to the euro area financial system.” We expect EURUSD to climb up from 1.07 to 1.10 in the next 3 months and close the year near 1.15 mark, which is upbeat for TR exporters and thereby macro balances.
• According to reports, former Deputy PM responsible for the economy, Mr. Mehmet Simsek, said on Monday after his meeting with President Erdogan, that he is not interested in active politics, but said that he was ready to provide the necessary support in this area.
NEWS FLOW:
• TOASO: Will distribute gross TRY 6/share dividends today.
• MGROS: Disclosed that it will distribute gross TRY 2.60 cash on May 30th, 2023.
AGENDA:
• There are no major macro releases on the home front, whereas Germany will be releasing its ZEW Index, and the U.S. will disclose the February Existing Home Sales, and ECB President Lagarde will be speaking again today.
 

 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.