TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 was in a bullish mood yesterday, paring the previous day’s losses, and closing nearly 2% higher, just above the psychological level of 5001, which coincidentally was also the peak of the day, but on a rather low turnover of TRY 53.8bn, as investors rolled the dice for a dovish FOMC, and dovish they got! The Conglomerates and Transportation stocks led the gains, whereas the REITs lagged their peers.
• DOHOL, KRDMD, and GUBRF were the most bought BIST30 stocks, whereas SASA was the only blue-chip in the red, and was followed by BIMAS and EREGL.
• Today, we expect the BIST to open on a positive note, parallel to the Europe and U.S. Futures and rebound in the Asian markets.
• As of yesterday’s close, the TRY is trading a tad weaker against the USD at 19.05, but weaker against the Euro at 20.78, whereas the DXY is considerably lower, and trading just north of 102. Both the 2yr and 10yr bond yields continued to rise, closing yesterday 120bps and 39bps higher, respectively.
• Brent is trading lower, despite heading north after the FOMC meeting, due to the unexpected 22mth high surge in crude inventories, according to the EIA, currently trading at USD 75.78, and both ounce and gram GOLD prices have risen considerably to USD 1978 and TRY 1211, respectively, thus we would expect the rise to reflect positively onto GOLD commodities, such as the KOZAL group shares.
• Yesterday, the ECB President Christine Lagarde stated that inflation was still too high, “With high uncertainty, it is even more important that the rate path is data-dependent,” she said.
• The Federal Reserve raised the interest rates yesterday by a quarter percentage point, expressing caution about the recent banking crisis and indicating that hikes are nearing an end, adding that future increases are not assured and will depend largely on incoming data. But added that they do not plan any rate cuts this year.
• The FOMC and Powell’s statements were priced-in as dovish, and thus triggered a considerable buying appetite, until Treasury Secretary Janet Yellen testified before the Senate Appropriations Committee, where she downplayed “blanket” deposit guarantee, stating that there is no plans to guarantee all bank deposits without congressional approval following the collapse of Silicon Valley Bank and Signature Bank, thus triggering sell-offs among the banks, especially local banks.
• According to a decree, Egypt will ban the exports of sugar for 3 months, in order to secure sufficient sugar for domestic consumption. We may see this news reflect positively onto sugar commodity stocks.
NEWS FLOW:
• ASTOR: Disclosed that it has signed a USD 4.9mn agreement with 2 local distributors.
• BOBET: Disclosed that due to the completion of the Kucukcekmece Tema Istanbul-2 project, it will also close down its cement production plant in the area.
• EKSUN shares will start trading tomorrow at the BIST
• SASA: Disclosed that its DMT production will remain closed until April 15th due to the damage incurred during the Feb6 earthquake.
• AGESA will disclose gross TRY 0.83/cash dividend today
AGENDA:
• On the local front, the CBRT will disclose the policy rate, where the consensus is to keep rates unchanged, alongside the BOE, and the Weekly Net Foreigners Stock/Bond Investments, whereas the February Housing Starts, Jobless Claims, and New Home Sales 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.