TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The selling pressure from the previous day loomed over the BIST yesterday as well, causing the benchmark to drop 0.70% to close at 5366, a level that relieves most investors, as the day’s trough was 2.3% lower at 5244!
• The REITs and Banks led the sell-offs, whereas the Mining and Service sectors were more resilient than their peers.
• Despite US Chairman of the Senate Foreign Relations Committee, Bob Menendez’s staunch rhetoric against the sale of the F-16 fighter planes to Turkey, ASELS closed 3.45% higher, and was followed by TTKOM and HALKB shares, whereas VESTL, EKGYO and PETKM, were the most sold.
• Today, the BIST is expected to rebound from the previous days’ sales, thanks to yesterday’s late reactionary buys from the dip.
• As of yesterday’s close, the TRY is trading a tad weaker against the USD at 18.82, and tad weaker against the Euro at 20.49, whereas the DXY is flat at 101.90. The 2yr and 10yr bond yields both retreated slightly by 3bps and 5bps, to 10.23% and 10.08%, respectively. The CDS rates rose by 4pts to 552.
• On the commodity front, Brent is trading slightly higher at USD 86.47, and both ounce and gram GOLD are lower at USD 1926 and TRY 1164, respectively.
• ECB governing council member, Gediminas Simkus, warned yesterday that the ECB should continue lifting interest rates in half-point steps as workers secure bigger paychecks and underlying inflation pressures remain strong. “Core inflation remains strong and demonstrates that the fight against inflation is not over,” Simkus said Tuesday. “There’s a strong case for staying on the course that’s been set for the coming meetings of 50 basis-point increases. In my opinion, these 50 basis-point increases must be taken unequivocally.”
• U.S. Jan PMI figure came in at 46.6 vs December’s reading of 45, New Orders rose to 47.9 vs 45.2, and Employment also fell to its lowest reading since October 2022.
• ARCLK is expected to kick-off the 4q22 financial season today. Consensus mean: TRY998mn net profit, TRY3619mn EBITDA. EBITDA is likely to expand by 105% y-y, which is far better than 3Q21’s y-y growth of 66%.
NEWS FLOW:
• CEMTS: Negative. Disclosed that it will halt production at two of its sites from 25 Jan-01 February 2023.
• CUSAN - Disclosed that 44,300 shares were bought back from the price range of 18.71 - 19.70 TL within the scope of the share buyback program.
• GESAN: Positive. Disclosed that its 70% subsidiary Europower was awarded a TRY 68.9mn tender.
• GLRYH: Positive: Disclosed the necessary application for the IPO of its brokerage unit, A1 Capital, has been completed.
• ISSEN: Positive: Disclosed it is considering opening a sales & distribution company in France.
• POLHO: Positive: Disclosed that a new agreement has been signed between its subsidiary and two construction firms, removing profit sharing provision.
• PSGYO: Positive: Disclosed signing a deal with EKGYO for a construction project that will include a shopping centre in Ankara.
• ZOREN: Negative. Disclosed making 9,352,274 shares tradeable at the BIST.
AGENDA:
• On the local front today, the Real Sector Confidence and Capacity Utilization Rate will be released, whereas States’ side, the MBA Mortgage Applications 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.