TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• Despite a sluggish start to the session, the BIST managed to close nearly 1% higher at 4570, and turnover of TRY 87.6bn, led by the strong gains in the Conglomerates and Banks, and the unravelling of the limit-down stocks of GESAN and KONTR.
• ARCLK, SAHOL and GUBRF led the gains at the BIST30, whereas SASA, BIMAS and PGSUS were the most sold.
o The Retail stocks pared their gains after President Erdogan’s statement that ““It looks like fines aren’t disciplining them,” hinting at new measures on grocery chain prices.
• Today, we expect the positive mood from yesterday to continue, as the global markets were positively buoyed by SF Fed president Mary Daly’s comments yesterday regarding the Fed rate hikes, stating that US stocks trimmed declines after San Francisco Fed President Mary Daly warned that too much tightening could be “unnecessarily painful” for the economy, coupled with Mester’s dovish rhetoric as well.
• As of market close yesterday, the TRY is trading slightly weaker against the USD at 18.63, whereas the DXY is flat at 107.68. The 2yr and 10yr yields fell by 106bps and 24bps to be pare at 11.33%.
• On the commodity front, Brent is trading flat at USD 87.37, and both ounce and gram GOLD prices have fallen to USD 1738, and TRY 1041, respectively. Brent pared its losses that saw it drop USD 82.32, but later quickly rose back after Saudi Arabia denied speculations that it is discussing an oil-production increase for the OPEC+ meeting next month.
• Meanwhile, China also saw its first Covid-related death in almost 6 months, as worsening outbreaks across the country are stoking concerns that authorities may again have to resort to harsh restrictions.
• San Francisco Fed President Mary Daly said that officials will need to be mindful of the lags with which monetary policy is transmitted through the economy as they raise interest rates further in order to drive down inflation. “As we work to bring policy to a sufficiently restrictive stance -- the level required to bring inflation down and restore price stability -- we will need to be mindful,” adjusting too little will leave inflation too high. Adjusting too much could lead to an unnecessarily painful downturn.”
• According to the ECB Governing Council Member, Mario Centeno, the European Central Bank can afford to reduce the pace of interest-rate hiking after two 75 basis-point increases.
NEWS FLOW:
• Foreign Tourist Arrivals in October rose by 38.4% y/y vs the prev. month 55.8%
• TUPRS: Disclosed that its 442MW capacity subsidiary Entek Elektrik will increase its capacity with a further 150mw solar -power energy and 854.5mw wind energy via 15 projects
• GUBRF: Disclosed that it will establish a liquid-powder fertilizer plant in Iskendurun.
• RYSAS: Disclosed that it has signed at 3+2-year logistical supply deal with TOASO
• AYDEM: Disclosed that its 100% subsidiary Sari Perakende Enerji’ 1400mw storage capacity increase has been approved by the CMB, and 500mw capacity increase via 400mw solar power energy and 100mw wind energy has also been pre-approved.
AGENDA:
• On the local front, the Consumer Confidence level will be released, whereas there are no major international data flow expected.


 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.