TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

•The BIST closed the day on a strong risk-on mode, with the chunk of the buying appetite coming after the disclosure of the in-line 500bps rate hike from the MPC, raising the policy rate to 30%, with the TRY also weakening considerably against both the USD and the Euro.USDTRY that tested 26.95 just before the MPC rate decision yesterday is current trading at 27.14.
• The gains were fairly uniform across the board, with only the REITs, as predictable, rising less than 3%, due to the expected cost of loans.
• AKBNK was the most bought blue-chip stock yesterday, thanks to HSBC's outlook upgrade to "Buy" and was followed by AKSEN and ASELS. Though there were no blue-chips in the red, GARAN, SASA and EREGL were the least advancers. We also observed the Energy stocks performing well.
• Today, we expect the positive mood to spillover into the opening, but may see profit-takings towards the close. The Asian markets are trading mixed, with Japan trading negatively as the BOJ left the monetary policy unchanged.
• The TRY is trading flat against both the USD and the Euro at 27.14and 28.91, respectively, while the DXY has risen to 105.5. The 2yr Bond rates rose by 421bps to 28.30%, whereas the 10yr rates fell by 48bps to 25.66%.
• On the commodity front, Brent has risen to USD 92.80, on the back of Russia temporarily banning exports to most countries in response to shortages, while ounce and gram GOLD prices are trading higher at USD 1924 and TRY 1679, respectively.
• Yesterday, the BOE left interest rates unchanged, amid the sharp fall in the inflation rates.
• Speaking to the German media, Greek central bank head, Yannis Stounaras, stated that the European Central Bank (ECB) interest rates have likely peaked and its next move is expected to be a cut. We expect 25bp rate hike in the next meeting.
• The MPC hiked the overnight policy rate by 500bps to 30%, thus in-line with the market expectation, stating "“Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved.”
• According to media sources, agriculture costs have risen by 6.56% on a monthly basis, and 34.32% on an annual basis. We may thus see food companies increase their prices to offset the costs.
• Last week foreigners were net sellers of USD201mn equities but net buyers of USD7mn bonds.
 
AGENDA:
• On the local front, Foreign Tourist arrivals will be released, and abroad, the BOJ will release its policy rate, while Germany and Europe, alongside the US, will disclose their PMIs.
 
CORPORATE:
• BIST30: KONTR and OYAKC have been included to the BIST30 Index, while KOZAA and TAVHL have been deleted.
• TELECOM: Elon Musk's internet provider company; Starlink; stated that they applied with the Turkish Information and Technology Board, to provide Internet Service in Turkey. We deem this development negative for both TTKOM and TCELL, due to entrance of a new competitor into the market.
• SISE: Disclosed that its TRY 4bn auto glass production facility, with a total annual capacity of 200k/ton, was completed, and operational.
• BRKVY: After announcing that the company won the auction for a business-qualified portfolio with a principal amount of 108.8 million TL from 6 portfolios in the collection of delayed receivables carried out by Denizbank, it was announced that the contract signing process was completed.
• EUPWR: The company announced that it participated in the tender by Vangölü Electricity Distribution for the 2023 - Mlz - Yat - 26 Pavilion - Cell - Rectifier Purchase (3rd Stage) and gave the most advantageous offer with 2.1 million dollars.
• EKGYO: After stating that 187,000,000 shares representing 4.92% of the company's capital were allocated to a foreign institutional investor at a 7.5% discount at 7.50 TL, resulting in a revenue of 1.4 billion TL, the transaction was completed.
• EGSER: The company received the 3rd Company Award for the Most Exports in the Ceramic Coating Materials ranking by the Cement, Glass, Ceramics, and Clay Products Exporters Association.
• KORDS: It was announced that 1% of Microtex Composites S.r.l. was purchased for 547,170 euros.
• MEDTR: The 27-month Public Health Laboratory Testing Service Tender, initiated by the Izmir Provincial Health Directorate, remained under the company partnership of Disera and Lab-Tek with 496.0 million TL.
• TMPOL: A decision was made to purchase the Pet Extrusion Line as an extrusion line, with a total purchase price of 9.7 million TL.
• ZOREN: The company's 100% subsidiary Zorlu Renewable Energy applied for a preliminary license for a GES project with an installed capacity of 25 MWe to EPDK with a commitment to establish a storage facility.

 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.