TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST faced harsh selloffs yesterday after testing its historic peak at 7903, whereafter bargain hunters went buying from the bottom at 7691 and ending a rather volatile day-especially among the Banks, 0.33% lower at 7771.30, and on a high turnover of TRY 161.6bn.
• The Banks weighed down on the benchmark by losing 2.59% in value, coupled with the 1.55% loss in the Transportation stocks, whereas the Mining stocks managed to diverge positively from its peers, by rising 3.55%, and the Industrials, Agriculture and REITs also managed to close positively, despite the 1.44% loss in EKGYO shares after the previous day’s surge on the back of talk of a low-interest housing loan campaign. On the back of surging sugar prices, KAYSE closed limit-up followed by peer KTSKR +8.46%. Our small-cap Buy picks GRSEL and CUSAN also ended the day limit-up.
• KOZAA and KOZAL topped the BIST30 best performers’ list after their recent lag, and were followed by TCELL, whereas ALARK, HEKTS and YKBNK were the most sold.
• Today, we expect the late buying appetite to spill over to the morning, and thus expect a positive opening at the BIST. MSCI Asia as well as the US and EU Futures are trading up a tad.
• The TRY is currently trading flat against the USD at 27.20, but slightly weaker against a volatile Euro/TRY parity trading between the 29.56-60 range, while the DXY is lower this morning at 103.44.
• On the Bonds’ side, whereas the 2yr rates rose by 45bps to 18.52%, the 10yr rates fell by 17bps to 18.95%.
• Brent is trading slightly up this morning at USD 83.87, with the API inventories showing a decrease in oil inventories, offsetting expected Hawkish Jackson Hole speech by Fed Chair Jerome Powell, and also reports that Iran plans to keep raising oil production as back-door diplomatic efforts with the U.S. appear to be easing pressure on the Middle Eastern nation. Iran expects to boost production to 3.4mn bpd by the end of summer, according to Oil Minister Javad Owji, that would put output near Iran’s capacity limit of 3.8mn bpd. The country has already boosted production by about 50% over the past two years. And ahead of tomorrow’s Jackson Hole meeting, ounce and gram GOLD prices are trading slightly higher at USD 1903 and TRY 1665, respectively.
• Richmond Fed President Thomas Barkin said The Federal Reserve could lose credibility if it were to consider changing its 2% inflation target before achieving that goal, adding that even if recession emerges, it would be low.
• According to the Global Steel Union (Worldsteel), July raw steel production rose by 6.6% y/y to 158.5mn tons, thanks to the 11% production from China.
• Yesterday, Russian President Vladimir Putin told Government Officials that Russia must limit speculative demand in the economy and warned of threat from inflation after the Ruble’s recent slump, thus hinting at controlling capital outflow.
• Speaking to a local news channel, the former Minister of Transportation and Infrastructure spoke of the Government’s continued interest in the construction of Kanal Istanbul, which may uplift EKGYO and especially AKCNS shares today.
AGENDA:
• On the local front, the Consumer Confidence Rate will be released (Prev. 80.1), whereas our international viewers will be watching the PMI figures from both Europe and the US, as well as the US July New Home Sales figures.
CORPORATE NEWS:
• DOHOL: Disclosed that it sold its marketing subsidiary Milpa, to Re-Pie Asset Management’s Secondary Venture Investment Fund for USD 54.68mn
• Enerya Enerji shares will start trading today at the BIST from TRY 88.76 under the ENERY.E ticker.

 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.