TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed yesterday on a loss of 0.68%, and below the 5k level at 4997, with a noticeable low turnover of TRY 46.1bn, led by the fall in the Aviation stocks, and the profit taking on the GOLD stocks, as the global markets diverged positively after First Citizens Bank purchase of the bankrupt SVB shares.
• TTKOM, TCELL and AKBNK led the gains among the BIST30, whereas KOZAL, SASA and THYAO were the most sold.
• Today, we expect the BIST to open slightly higher, parallel to the global markets as the concerns over the Banking contagion seems to have been relieved, however the upward opening may not be sustained throughout the day as the elections risks prevail.
• As of yesterday’s close, the TRY is trading flat at 19.10 against the USD, but a tad weaker against the Euro at 20.64, whereas the DXY is has waded slightly to 102.62. Both the 2yr and 10yr bond yields declined by 68bps and 10bps respectively to 14.29% and 12.06%, respectively.
• Brent is currently trading flat at USD 77.44, calming after yesterday’s surge after Iraq halted northern crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields, after winning its arbitration case against Turkey, but will hold talks to export its oil through the Ceyhan/Turkey pipeline, and both ounce and gram GOLD prices are trading slightly higher at USD 1958, and TRY 1202, respectively.
• The head of the Saudi National Bank, whose comments that the SNB was unlikely to increase its stake in Credit Suisse, triggering the sell-offs, and ultimately, the sale of CS, has resigned from his post.
• According to Bloomberg, ECB Executive Board Member, Isabel Schnabel pushed for this month’s decision statement to signal possible interest-rate hikes in the future, whereas Lagarde gave only verbal assurance in remarks to reporters.
• Israel Prime Minister, Benjamin Netanyahu, has agreed to delay the controversial judiciary overhaul after the mass protests, heightened by the removal of the outspoken Defence Minister.
• And Jack Ma, head of Alibaba, has returned to China, a sign that China may be warming to technology stocks.
NEWS FLOW:
• The transfer of the entire or share of the individual pension system to Banks has been published in the Official Gazette, and valid for 6 months.
• HALKB/VAKBN: The CMB has approved the capital increase of both Banks.
• ASTOR: Disclosed that it has signed a USD 2.8mn agreement with 3 different companies
• KONTR: Disclosed that for 2023, it expects its sales to be roughly TRY 5bn, and envisages EBITDA margin at 25.4% and EBITDA at around TRY 1.25bn.
• KUYAS: Disclosed that it is talks with a local buyer regarding the sale of its electrical charge stations.
• NETAS: Disclosed that it has been awarded a USD 1.1mn agreement from Superonline
AGENDA:
• There are no major local macro releases, whereas the U.S. will be releasing it January Case-Schiller Home Prices, and Consumer Confidence, whereas closer to home, ECB President Lagarde will be speaking.
 
 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.