TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed Friday on a loss of 0.59%, to retreat to 5032, with a turnover of TRY 52.2bn, due to concerns of the Banking crises spilling over to German power-house Deutsche Bank, thus the losses were most reflected on the local Banks as well, followed by the Conglomerates, with TUPRS also weighing down on the BIST on the back of falling oil prices.
• KOZAL, KOZAA and GUBRF topped the BIST30 leaders, whereas YKBNK, TUPRS and DOHOL were the most sold.
• For the week, the BIST100 declined by 2.03% due to the 3.14% losses in the Banks, and 2.25 retreat in the Conglomerates, whereas the Mining stocks diverged considerably positive by nearly 6%, parallel to the rise in GOLD prices.
• The TRY depreciated 0.27% against the USD, 1.26% against the Euro during the week. The short-term yields rose considerably from 11.6% a week earlier to 14.97% at Friday’s close, whereas the 10yr yields rose slightly to 12.16% for the week. Brent rose by 2.94%, whereas ounce and gram GOLD rose by 0.53%, and 0.17%, respectively.
• Today, we expect the BIST to open flat/positive, while tracking Banking developments from Europe.
• As of Friday’s close, the TRY is trading a tad weaker against the USD at 19.08, but flat against the Euro at 20.54, whereas the DXY is slightly lower at 103.05.
• Brent is currently trading flat at USD 74.60, and both ounce and gram GOLD prices are have fallen slightly to USD 1973 and TRY 1211, respectively.
• On Friday, the Euro Zone March flash PMI came at a 10-month high reading of 54.1, as consumers splashed out on services, but weakening demand for manufactured goods deepened the downturn in the factory sector.
• U.S. March flash PMI increased to 53.3, the highest reading since last May, and the 50.1 February figures.
• Over the weekend, Minneapolis Fed President Neel Kashkari warned that the recent banking turmoil could bring the U.S. closer to a recession, ““What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch,” he said.
• According to media reports, Russia will station tactical nuclear weapons in Belarus, with President Putin adding that the move would not violate nuclear non-proliferation agreements and compared it to the US stationing its weapons in Europe, according to Russian state media.
• China Jan-Feb industrial profits fell 22.9% vs -4% in 2022, due to poor demand and high costs, thus not completely recovering from the long-term effects of Covid.
NEWS FLOW:
• According to the Official Gazette, the BRSA has given permission to the founding of a participation banks and participation brokerage firm, as well as approving Ziraat Bank’s TRY 2.5bn capital digital banking platform, “Dinamik Banka.”
• ALKIM: Disclosed that it has obtained the raw material potassium sulphate and will thus resume production in May, 2023
• ASTOR: Disclosed that it has signed an agreement with a local buyer worth USD 3.6mn
• GESAN: Disclosed that its subsidiary Peak OV Solar has started production of its 1 GW solar panel production, and that its 70% subsidiary Europower has signed a €2.3mn agreement in Lithuania.
• KMPUR: Disclosed that the incentive package for its plastic recycling plant has been increased by TRY 61.4mn to TRY 210.1mn
• SNGYO: Disclosed it has signed a development project in Sancaktepe/Istanbul with a size of 7,291 sqm.
• KCHOL/AYGAS/AKCNS/ISYAT: Will distribute gross TRY 1.73/share; TRY 1.00/share; TRY 1.30/share; 0.35/share gross dividends today
AGENDA:
• On the agenda this week, local viewers will be tuning in to the Capacity Utilization Rate, Consumer Confidence Rate Trade Balance, and the S&P rating’s decision (B/Stable), as well as summary of last week’s MPC meeting, whereas the U.S. will be disclosing PCE, Pending Home Sales, GDP growth rate, and Michigan Consumer Sentiment, whereas the Eurozone will be releasing the Consumer Confidence Index, Unemployment, and Estimated CPI figures. The markets will also be following speeches from Lagarde and Fed Presidents this week.
 
 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.