TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 slipped down 1.0% yesterday, with the private stocks facing profit-takings after the expected presidential endorsement for the opposition party leader by the Nationalist head party, Mr. Umit Ozdag.
• The slide in the BIST with a low turnover of TRY 40.1bn, was led by the 1.94% losses among the Banking and Conglomerates. The US markets also closed negatively on the back of House leader McCarthy’s defence that the debt-ceiling dilemma was not his fault. The icing on the cake came this morning when Fitch disclosed that it had put the US AAA rating on negative watch over the debt-ceiling impasse.
• ENKAI, SASA and KOZAL were yesterday’s blue-chip toppers, whereas SAHOL, KCHOL and AKBNK were the most sold. We also continued to see continued interest especially in the renewable energy stocks.
• Today, we expect a flat opening at the BIST, and will be following media releases from the political leaders.
• As of yesterday’s close, the TRY is trading flat at 19.90 against the USD, but has strengthened slightly to 21.37 against the Euro, and the DXY has risen over the 104 level to 104.06 after the release of yesterday’s FOMC minutes.
• On the Bonds’ side, the 2yr yields rose by a hefty 226bps to 10.26%, whereas the 10yr yields rose by a meagre 10bps to 9.10%.
• On the commodity front, Brent is trading higher as of yesterday’s session closing at USD 78.07, and both ounce and gram GOLD are trading lower at USD 1855 and TRY 1252, respectively.
• The FOMC minutes showed yesterday that members were split regarding the need for more rate hikes, while others expected a slowdown in growth to remove the need to tighten further, but showed a slight bias towards a less aggressive rate policy.
• The German IFO Business climate Index fell to 91.7 in May vs the expected 93, thus adding new growth concerns for the country.
• Türkiye May Capacity Utilization Rate increase by 0.7pts m/m to 76.3%.
• The CMB disclosed yesterday that trades were being monitored at the BIST.
NEWS FLOW:
• FRIGO: The company sold its 9,763 m2 of land located in Bursa İnegöl to Ziraat Katilim Bank for a price of TRY88.5mn, a Financial Leasing Agreement between the Company and Ziraat Katilim. It was decided to rent the land in equal instalments and to take back the ownership of the land on the maturity date of the last rental price.
• ASELS: Disclosed that it was awarded a USD 17.6mn agreement for its Elektro Optic Systems.
• BOBET: Disclosed receiving a TRY 400mn ready-made cement order from a local construction company.
• HTTBT: Disclosed that it will give service to Georgian based Tbilisi Airways for 5 years.
• SAHOL: Disclosed that it will merge with its textile subsidiary Exsa via an acquisition.
• YUNSA: Disclosed that it will increase its paid-in capital by 105% via a capital increase.
• SMRTG: Disclosed that it will increase its paid-in capital by 100% via a capital increase.
AGENDA:
• Today, the MPC will disclose the policy rate, and even though the estimates are for the rate to remain unchanged at 8.5%, there is a slight possibility of a rate cut, amid President Erdogan’s recent rhetoric, as well as the Weekly Change in Foreign Stock/Bond Investments, whereas our US colleagues will be releasing the 1Q23 GDP figures, Pending Homes Sales, as well as the Weekly Jobless Claims Numbers, and Germany will release its 1Q23 GDP figures.

 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.