TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

AND THE WINNER IS….
" The BIST100 managed to close in the green, thanks to the late buying appetite, rising by 0.07% to 4428, but on a very low turnover of TRY 35.3bn, due to the 2.82% gains in the Banks, and followed by the Energy and REITs, whereas the Industrial and Mining stocks lagged behind their peers. The Asian markets are trading higher on the back of yesterday's gains in Nasdaq, led by NVIDIA, coupled by the increasing likelihood of an agreement in the debt ceiling deal.
" EKGYO, ALARK, and YKBNK led the gains at the BIST30, whereas SASA, ENKAI and TOASO were the most sold.
" Today, we expect a flat/positive, but low and cautious trading to prevail on the last trading before Sunday's presidential elections.
" As of yesterday's close, the TRY is trading weaker at 19.98 this morning against the USD, after weakening to 20.37, and 21.45 against the Euro, whereas the DXY has slipped slightly to 104.08.
" 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 flat at USD 76.13, and ounce and gram GOLD are trading slightly higher this morning at USD 1951 and TRY 1253, respectively.
" The MPC left the policy rate unchanged for the 4th consecutive time at 8.50%, ahead of Sunday's elections, citing in its report the robust consumer demand, as well as the quicker-than-expected normalization of the earthquake-stricken cities.
" Germany's downward revision of its GDP from zero to 0.3% for the first 3 months of the year, technically placed Europe's biggest economy into a recession.
" Elsewhere, the US GDP grew faster in 1Q23 than expected at 1.3% vs the estimated 1.1%
Post-Election Stress Disorder (PESD)
" Foreign investors divested US$28mn of equities in the week following the election, while experiencing an outflow of US$4mn from the bond market. Year-to-date, foreigners have disposed a significant US$1.2bn from their equity holdings. Notably, the foreign ownership in free float slipped down to 28.3% from the pre-election level of 30.2%, while their presence in the bond market is a mere drop in the ocean at 0.6%. We envisage the foreign ownership to slide below the 28% all-time low following the election.
NEWS FLOW:
" ASELSAN: Disclosed that it signed a USD 9.5mn agreement with a foreign client.
" ALMAD: Disclosed that it will purchase its 15.6k sqm land in Tekirdag for TRY 2.6mn.
" ISMEN: Will distribute gross TRY 2.12/share dividends today.
AGENDA:
" On the local front today, Foreign Tourist Arrivals will be released today, whereas on the US front, April Durable Goods Orders, Personal Income and Spending, as well as the Michigan Consumer Sentiment will be disclosed.

 
 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.