TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 traded range bound yesterday, managing to pare most of its losses after bottoming out at 4416, after former Presidential candidate, Sinan Ogan’s pledge of allegiance to President Erdogan, thus bettering the incumbent’s success over the opposition leader, Kemal Kilicdaroglu in Sunday’s runoff.
• Accordingly, the BIST ended the day on a loss of 0.79% at 4466, with a turnover of TRY 49.7bn. The public stocks managed to diverge positively from their peers.
• Despite his partner’s support for Recep Erdogan, Umit Ozdag’s is widely expected to pledge his allegiance to Kemal Kilicdaroglu at 9:00GMT, however, we believe that this announcement will be too late too little for the hopes of the opposition party and would thus expect the overhang on yesterday’s stocks to continue today as well. The European stocks also closed mixed yesterday ahead of US debt ceiling talks, and the Dow Jones closed negatively, whereas Nasdaq just managed to close in the green, as the meeting between President Joe Biden and House Speaker Keving McCarthy failed to reach an agreement on the debt ceiling.
• The Banks continued to face the brunt of the sales, falling by 3.35%, whereas the Mining stocks, and followed by the Aviation and REITs, were yesterday’s best performing stocks. Foreign ownership in free float further contracted down to 28.4%, we believe that it will slide down to all time low sub-28% levels in a week.
• Accordingly, KOZAA, SASA and KOZAL, followed by EKGYO were yesterday’s most bought blue-chips, whereas TOASO-ISCTR and YKBNK, which are the usual preferences of foreign institutional investors were the most sold.
• Today, we expect a flat opening at the BIST.
• As of yesterday’s close, the TRY is trading flat at 19.84 against the USD, but slightly stronger against the Euro at 21.43, whereas the DXY has risen to 103.33. On the Bonds’ side, the 2yr rose slightly by 8bps to 8.05%, whereas the 10yr rates fell by 85bps to 9%.
• On the commodity front, Brent is trading flat at USD 76.03, and ounce and gram GOLD are both trading lower at USD 1251 and TRY 1962, respectively.
NEWS FLOW:
• TKFEN: Disclosed that it has been awarded a USD 252mn tender in Romania, to be completed in 20 months.
• KCHOL/TATGD: Kchol disclosed that it was considering strategic options for its tomato paste company TATGD.
• CCOLA: Disclosed that the EIA for the capacity increase at its Isparta plant has started.
• SASA: Will increase its paid-in capital today by 130%, and thus the opening price will be TRY 46.04.
AGENDA:
There are no major local macro releases expected today, whereas the US April New Home Sales and Germany Manufacturing and Services PMI figures will be disclosed.

 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.