TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST faced volatile trading yesterday, even flirting in the red territory, but managing to close the day on a slight gain of 0.08% to 4858, with a formidable turnover of TRY 133.7bn. The Banks fell by around 1.80%, thus the main reason for the sluggish trading, but also giving investors a chance to realize their profits after their recent outperformance.
• Due to “the worst is over” pricing, with reference to the Fed aggressive rate hikes, the Mining stocks closed limit-up, parallel to the rise in global Gold prices.
• Thus, having a look now at the BIST30 winners and losers, KOZAL and KOZAA topped the charts, and were followed by TTKOM, whereas SASA closed 5.82% lower, and was followed by AKBNK and YKBNK.
• Today, we expect a flat opening.
• As of yesterday’s session closing, the TRY is trading flattish against the USD at 18.62, and the DXY is trading calm at 105.85. The 2yr bond yields regressed by 16bps to 10.95%, whereas the 10yr rates rose by 37bps to 10.84%. The CDS rates fell by a further 15pts yesterday to 538.
• Brent is trading at USD 85.57, and both ounce and gram GOLD prices rose to USD 1758 and TRY 1052, respectively.
• Yesterday, the MPC cut the policy rate, as widely expected, by a further 150bps to 9%, the first time the policy rate has been single-digits since 26 months-more precisely, since May 2020, when the interest rate was at 8%. The CBRT head also stated that all (savings’ rate) will also fall to single-digits.
• Last week, Foreign investors were BUYERS of USD 56mn STOCKS, but net SELLERS of USD 21mn BONDS

NEWS FLOW:
• BANKS: The CBRT disclosed that it will apply 8% commission rate on Banks’ FX RRR instead of the previous 3% if TRY Deposits are less than half of the total. Also, as a fresh decision it will also start applying 3% commission for the banks that are between 50-60%. So even the state banks that surpassed the 50% threshold will now be obliged to pay commission if they cannot lift up the TRY deposit share to above 60%. Among the private banks, YKBNK that was above the 50% threshold will also be paying this 3% penalty on its FX reserve requirements. Isbank that is deeply below the threshold is likely to face a higher burden. Akbank and Garanti are very close to the lower end of the threshold and they are likely to fall in the 50-60% range by year end.
• GARAN: Disclosed that it renewed its syndication loan by USD 400mn with a rate of SFOR +4.25% and Euribor +4%
• GWIND: Disclosed that it has applied to increase its current capacity by 550MW (500MW Wind energy+50MW electrical storage facility.
• KCAER: Disclosed that its 181% capital increase via bonus issue has been approved by the CMB.
AGENDA:
• There are no major macro releases expected today, besides the Bloomberg November Economic Survey, and Moody’s will release its Turkey credit rating, which is currently at “B3” with a “Stable” outlook. On the international front, Germany will announce its 3q22 growth rate. The U.S markets will be open half today.



 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.