TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST closed Friday on a slight gain of 0.14% to close the week at 5455, but with a relatively low turnover of TRY 90.3bn, especially taking into consideration that the UK was opened for half-day, as many markets are already on holiday mode.
• The Banks saw a slight fall of 0.04%, whereas the Industrials, Conglomerates and Aviation stocks saw more sell-offs. So than how did the BIST manage to close in the green, thanks to the gains in the heavyweight stocks, such as TCELL and TUPRS, both however, topped to the peak of the BIST30 listings by TKFEN shares? On the bottom end of the spectrum, we saw SASA, VESTL and ARCLK.
• For the week, the BIST100 returned on average 4.61%, with the Mining stocks doubling their returns vs their nearest competitor by closing 10.75% higher, followed by the Conglomerates closing 4.29% and the REITs 3.64% higher. The Banks rose by 3.26%, whereas the Energy stocks once again lagged behind their peers by rising just 1% for the week.
• The TRY was flat against the USD, depreciating by just 0.15% vs the 0.41% loss in value against the Euro, and on the commodity front, Brent rose by over 6% after its recent slump, and both ounce and gram GOLD also rose slightly.
• Today, we expect a positive opening at the BIST, however, trading volume will be low in our view.
• Currently, the TRY is trading flat against the USD at 18.67, but slightly weaker against the Euro at 19.84, as of Friday’s close. The DXY is a tad lower at 104.35, and on the TRY interest rate side, the 2yr rates were unchanged at 9.52%, whereas the 10yr bond yields rose by 16bps to 9.99%. The 5yr CDS rates will open the new week from the xx level, after opening last week at 537.
• On the commodity front, Brent has risen to USD 84.40, due to both the cold weather in the US, and the holiday season, as well as the re-opening of China at the expense of increased Covid cases, and both gram and ounce GOLD prices are trading higher at USD 1807 and TRY 1085, respectively, attributable to the increasing tension between China and Taiwan.
• President Erdogan will be making an announcement today regarding the natural gas discovery in the Black Sea and will chair the last Cabinet meeting today.
• Please note that the European and US markets are closed today, and most European markets will remain closed until the 28th.
NEWS FLOW:
• TRGYO/FENER: According to media sources, TRGYO will construct a project consisting of a residence building, businesses, and homes on 21k sqm. land that Football club Fenerbahce recently just got operating rights after 17 years. No further details or confirmation regarding the news have yet been disclosed.
• BNTAS: The company announced that it is waiting for the necessary applications to be made and the zoning permit to be issued in order to make the land it has previously purchased suitable for new investments.
• HEKTS: Disclosed that it will publicly list its wholly owned subsidiary Ferbis Tarim.
• OTKAR: Disclosed obtaining 2 orders from Europe worth €12.6mn and €21.6mn, to be realized in 2h23.
• TCELL: Disclosed that it will publicly list partial shares of its Global Towers subsidiary in domestic and international stock markets.
AGENDA:
• On the local front, the Real Consumer Confidence level, Capacity Utilization, and Foreign Trade figures will be released, as well as last week’s MPC Summary notes, whereas data flow from the international end will be scarce due to the holiday season, with the US Pending Home Sales to be the main news flow.

 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.