• The BIST100 closed yesterday 1.22% higher to 5062, but on a rather low turnover of TRY 57.4bn, thanks to risk-on mode towards the end of the session, thus diverging positively from its European peers.
• The Banks rose by 2.44%, whereas the Mining stocks were yesterday’s outperformer thanks to the rise in GOLD prices.
• GARAN, KOZAL and TTKOM thus topped the BIST30 advancers, whereas SASA, ARCLK and TUPRS were the most sold on the BIST30 side.
• We expect the positive mood from yesterday to reflect to this morning’s opening session.
• As of yesterday’s close, the USD/TRY parity spiked to 19.23, but has now calmed to 19.07, but a tad stronger against the Euro at 20.65, whereas the DXY is slightly lower at 102.52. The 2yr bond yields closed yesterday 9bps higher to 14.60%, whereas the 10yr rates went the opposite direction by 5bps to 12.16%.
• Brent is currently trading calm at USD 70.50, and both ounce and gram GOLD prices are trading slightly lower at USD 1992 and TRY 1220, respectively.
• In a written testimony before a House Appropriations subcommittee, Treasury Secretary Janet Yellen said that the Treasury is ready to take “additional actions if warranted” to stabilize banks.
• The CBRT left the O/N Repo rate unchanged at 8.50%, as widely expected.
• US Secretary of State, Anthony Blinken said Turkey “Should get F16s”. Adding, “We think it’s important to NATO, important to the alliance.”
The sell-off shows no signs of abating:
• After last week’s outflow, foreign investors persistently continued with the process of divestment, which led to a total of US$237mn being unloaded in the week that ended on March 17th. This has resulted in a net outflow of US$211mn out of equity portfolios, coupled with an additional US$26mn from the bond portfolios in a week. Since the beginning of the year, foreign investors have demonstrated a marked tendency towards offloading equity portfolios, with a colossal US$752mn being sold, as opposed to a relatively lesser US$32mn outflow from bonds. It is noteworthy that the share of foreigners in the bond market came down to an all-time low 0.7%, whereas their participation in the stock market free float slipped down to 28.9%.
NEWS FLOW:
• ANELE: Disclosed that it will establish a subsidiary in the UAE
• CIMSA: Disclosed that AKCNS has made 12,350,560 shares tradeable at the BIST
• TUKAS: Disclosed that its TRY 87.5mn investment incentive was approved
• KCHOL: Competition releases upbeat KCHOL reports one after another. The company trades at 37% discount to NAV according to the latest report vs 22% historic avg.
AGENDA:
• On the local front, there are no major macro releases, whereas the global markets, especially Germany, the Eurozone and the U.S. will be disclosing their PMI numbers, as well as the U.S. Durable Goods Orders.
TFG Istanbul Menkul Değerler A.Ş.
www.tfgistanbul.com/arastirma-raporlar
***
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.
TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )
Diğer Haberler
Facebookta Paylaş