TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST managed to close in the green yesterday, despite a brief encounter in the red-zone, after the release of the US GDP figures, thanks to bargain shoppers from the 5400 level, closing the day 0.33% higher at 5447, with a turnover of TRY 103.5bn. The international markets also saw heavy losses on the back of recession concerns and tightening monetary policies, whereas the US markets fell, after the much better than expected 3q22 GDP figure worried investors of continuing aggressive rate hikes.
• The Banks ended the day flat, and the Aviation stocks fell by 0.72%, whereas the Mining stocks were once again the cream of the crop, rising by 4.3%, with the Industrials gains 0.69% and the Conglomerates a mere 0.16%.
• GUBRF, recent laggard VESTL, and KOZAL were the most bought 3 stocks at the BIST30, whereas KRDMD, hurt by data revealing a drop in steel demand, fell by 2.37%, and was thus the most sold blue-chip stock, followed by PGSUS and ASELS, and EREGL fell by 1.76% also, due to the data overhang.
• Today, we expect a slightly positive opening to the session.
• As of yesterday’s close, the TRY is trading flat against the USD at 18.67, breaking its recent tight ‘64-65 cap, especially weakening due to the MPC leaving rates low, and the 55% minimum wage hike, and trading weaker against the USD at 19.81. The DXY has bounced back to trading higher above the 104 level at 104.50, and the CDS rates will start the day from the 518 level.
• The 2yr and 10yr rates continued to fall by a further 5bps and 60 bps to 9.52% and 9.83%, respectively.
• On the commodity front, Brent suffered a big hit yesterday, falling to USD 81.68, but has since recovered to USD 82.25, and both ounce and gram GOLD also fell to USD 1796 and TRY 1078, respectively.
• The US economy grew by 3.2% in 3q22 vs the expected 2.9%, thus triggering a brief selling frenzy as the aggressive rate cuts do not seem to have slowed-down the economy.
• Russian President Vladimir Putin stated yesterday that the wanted to end the war in Ukraine, and that this would inevitably involve a diplomatic solution. He also added that the price cap for Russian oil may lead to the disintegration of the world’s energy sector and skyrocketing prices.
• The UK GDP growth rate declined by 0.3% vs the estimated 0.2% contraction, worse than officially estimated.
NEWS FLOW:
• BANKS: According to media sources, the SWF is preparing additional capital injection into the State-banks
• The MPC left the O/N policy rate unchanged as highly expected at 9.00%.
• Turkey hiked the minimum wage yesterday by 55%
• SASA-HEKTS: Margin trading and short-selling on the stocks have been extended to January 20th, 2022.
• ASUZU: Disclosed that it has signed an €8.28mn midibus deal in Bulgaria.
• KOZAL: Disclosed that the Depository Board approved its TRY 5mn registered capital increase.
Equity and Bond Transactions by Non-Residents
• After last week's sizeable outflow, foreign investors continued to sell with a total of US$198.2mn in the week of December 16. There was net outflow of US$195mn out of equity portfolios and US$3.1mn from the bond portfolios. Since the beginning of the year, foreign investors have sold US$3.5bn in equity portfolios, vs US$2.2bn outflow from bonds. The share of foreigners in bonds is 0.7% while their share in stock market is 29.4%. The 2-year average of foreign ownership in stock market is 39%.
AGENDA:
• There are no major local macro releases, whereas across the Pond, US Durable Goods Orders, Personal Income and Spending , New Home Sales, and the Michigan Consumer Sentiment figures 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.