TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed yesterday 0.53% higher at 3901, and turnover of TRY 95.5bn, realizing profit-takings towards the close, after peaking at 3943, due to hawkish rhetoric from Fed Presidents yesterday, as swaps are pricing in a 5% peak for Fed rate in first half of 2023.
• Energy sector and REITs carried the BIST higher by rising over 2%, and the Industrials by a little shy of 1%.
• TTKOM, PGSUS and GUBRF led the gains at the BIST30, whereas VESTL, ISCTR and DOHOL were the most sold.
• Today, we expect a slight positive opening at the BIST100, due to the inflation and rising global interest rate threats.
• The TRY is trading flat as a straight-edge at 18.59, after having had peaked at 18.62 after a knee-jerk reaction to the 150bps rate cut by the MPC yesterday, before normalizing itself at its 18.58-18.60 tight range. The DXY is currently trading higher at 113.11, and whereas the 2yr rates fell by 56bps to 14.62%, the 10yr rates rose by 15bps to 10.69%. The 5yr CDS rates fell slightly yesterday by a quarter-percent to 737.
• On the commodity front, Brent is trading flat at USD 91.18, and both ounce and gram GOLD are lower today at USD 1622 and TRY 970, respectively.
3Q22 FINANCIAL AGENDA:
• ARCLK to post results today: Mean EBITDA: TRY 2.91bn. NI: TRY 406mn vs 3Q21 NI: TRY 651mn
NEWS FLOW:
• Yesterday, the CBRT cut rates by 150bps, vs the pencilled-but not surprising, 150bps, to 10.5%, stating that it was considering to take a similar step at its next meeting, and ending the rate cut cycle for a wait-and-see approach. We see the continuing fall in the drop in the interest rates to continue to lure local investors to the BIST.
• Philadelphia Fed President, Patrick Harker said policymakers are likely to raise rates to “well above” 4% this year and hold them at restrictive level -- while leaving the door open to doing more if needed. Fed Governor Lisa Cook also spoke, noting that rates will need to keep rising to get inflation under control.
• US Existing Home Sales fell by 1.5% to 4.71mn annualized, its lowest figure in 15 years, and average home prices rose by 8.4% to USD 384,800.
• For the week of Oct. 7-14, Foreigners were net SELLERS of US$169mn STOCKS and net SELLERS of US$17mn BONDS. Thus, YtD, sales of STOCKS rose to US$ -3.6bn and US$ -2.1bn for BONDS for a total net SELL-OFF of US$5.7bn.
• TRANSPORTATION: According to a draft bill, ports concessions can be leased for 49 years.
• According to a draft bill, Companies will be given a 50% tax exemption from their exports.
• FROTO: Disclosed that it would propose to pay gross TRY 5.70/share dividends.
• AKGRT: Disclosed that it would increase its capital by 163% via a rights issue
• ALKA: Disclosed that it would increase it would increase it capital by 250 via a bonus issue.
AGENDA:
• On the local front today, Oct. Consumer Confidence will be released, whereas on the international side, China PPI and CPI figures, US Retail Sales and Oct. Michigan Consumer Sentiment will be released.

 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.