TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST ended the week on a sour note, falling by 0.54% to 5059, with a turnover of TRY 71.8bn, dragged down by losses in the Banks, whereas the REITs, and CONSTRUCTION stocks diverged positively.
• EKGYO closed 7.05% higher, and topped the BIST30 most bought stocks, fuelled especially by the news in the afternoon that the BRSA raised the loan limit for houses with a value up to TRY 5mn to 80-90% from the previous TRY 2mn, and will allow loans rates between TRY 10-20mn to be 60-70%. EKGYO was followed by DOHOL and KRDMD, whereas GUBRF, TCELL and VESTL were the most sold.
• For the week, the BIST closed flat, and the losses ytd stand at 8.18%. The Banks and Transportation stocks fell by 1.41% and 3%, respectively, whereas the REITS rose by over 11%, and the Energy stocks by nearly 7%, whereas the Conglomerates and Industrials also rose by over 2% for the week.
• The TRY was flat against the USD, but strengthened by 1.39% against the Euro, whereas the Brent rose by 0.16%, and both ounce and gram GOLD fell by over 1.50% each, due in part to the hawkish FOMC minutes.
• Today, we expect the BIST to rebound after Friday’s losses.
• Currently, the TRY is trading flat against the USD and Euro at 18.87, and 19.89, respectively, and the DXY has risen to 105.29.
• Brent is trading lower at USD 82.27, and both ounce and gram GOLD prices are flat at USD 1810 and TRY 1098, respectively.
4Q22 FINANCIALS RESULTS:
• SELEC - NEUTRAL: Selçuk Ecza’s 4Q22 top-line and EBITDA came in parallel to the consensus mean, whereas the net profit missed the expectations by 11%.
NEWS FLOW:
• BANKING: According to Bloomberg, the Sovereign Wealth Fund is once again preparing for a capital increase of the public banks, VAKBN, HALKB and the non-listed Ziraat Bank, by an amount greater than TRY 20bn for each one. Please recall previously, that the total capital increase was TRY 48.6bn, back in February, and that the share of HALKB and VAKBN by the SWF rose to 87.7% and 64.8%, respectively. Thus we may see VAKBN and HALKB perform well today.
• Iron/Steel: According to the Official Gazette, anti-damping taxes on flat steel imports has been postponed to April 1st from February 28th.
• KCHOL: Disclosed that it will distribute gross TRY 1.73/share cash dividends
• ALGYO: Disclosed that it will distribute gross TRY 1.75/share cash dividends
• KORDS: Disclosed that it will distribute gross TRY 0.29/share cash dividends
AGENDA:
• On the local front, the Trade Balance (Est. TRY -14.40bn), GDP Growth (Est. 2.9%), PMI, and Inflation (Est. 3.50% m/m: 55.70% y/y) will be disclosed, whereas on the international front, the US Durable Goods Order, Pending Homes Sales, and PMI Figures will be disclosed. The Eurozone will be watching the Consumer Confidence Levels, PMI, Expected CPI, Unemployment, and PPI, whereas the Caixin PMI figure will be disclosed from China.

 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.