TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST managed to close Friday in the green, rising by 1/3 percent to 4874, with a turnover of TRY 111.2bn, led by the gains in the Conglomerates and REITs, whereas the Banks fell by 2.28%, after the CBRT’s new regulation. DOHOL, EKGYO and KOZAL topped the BIST30 earners’ list, whereas SASA, ISCTR and GARAN were the most sold. We believe that all large banks other than Isbank will be in the 50-60% range in the next setting period in December. Isbank’s CEO Hakan Aran stated that they have no intention to promote TRY deposits to reach the 50% TRY deposits/Total deposits threshold. Hence, Isbank will be obliged to pay 8% commission of FX RR instead of the 3% for 50-60% range.
• For the week, investors pocketed 7.68% profits, thanks to the dovish rhetoric in the FOMC minutes, led by GESAN, EGEEN, and KOZAL, whereas the overhang was still visible in the meme-stocks, HEKTS, SASA and SMRTG.
• The TRY remains flat, Brent fell by 5%, and ounce gold is stable since Friday 18:10 BIST closing. Yet, gold gained over 7% m/m, thanks to expectations that the Fed will be less aggressive in its rate hikes. Brent is trading lower today at USD 81.20, pressured by both the cap on Russian gas prices, as well as protests in China over the country’s continued zero-Covid policy, due to demand concerns and due to lightened sanctions by US on Venezuela. Both ounce and gram GOLD prices have also fallen to USD 1751 and TRY 1048, respectively.
• Today, we expect a flat opening at the BIST due to the pressure at the global markets.
• The 2yr TRY Bond yields fell by 14bps to 10.81%, whereas the 10yr yields rose by 4bps to 10.84. The CDS rates will begin the new week from 542 level, falling from the 574 level from the start of last week.
• Saudi Aramco disclosed that it has hired Citigroup and HSBC, among other banks, for the IPO of its refining unit, Luberef, which is expected to sell 50mn shares, representing 30% stake in the Saudi Stock Exchange, and expected to raise USD 1bn.
• Moody’s did not disclose its Turkey rating on Friday, thus leaving it unchanged at B3 with Stable Outlook
• Treasury and Finance Minister, Nureddin Nebati stated over the weekend that data showed that inflation has hit a peak, and will thus start to fall.
NEWS FLOW:
• KRDMD: Disclosed that the renewal at its oven has been completed, and will start production again. The stock will also pay gross TRY 0.43/share.
• GESAN: Disclosed that its 70% subsidiary Europower, has been awarded a USD 1.1.mn contract in the Czech Republic.
• DESA: Disclosed that it has decided to purchase its facility in Italy that it was renting
AGENDA:
• On the local front, we will be tracking the Trade Balance (Cons. TRY -8.0bn), Economic Confidence, GDP (Cons. -0.5%m/m; 4.5% y/y), PMI, Summary from last week’s MPC meeting, and ending with the Weekly Foreign Stock/Bond Holdings.
On the international front, the USD ADP, Conference Board Expectations, Annualized GDP, Wholesale Inventories, Pending Home Sales, JOLTS Job Opening, the Beige Book, PCE Core Deflator, Jobless Claims, PMI, perhaps the most critically watched-the NFP (Cons. 200k), and Employment Figures will be released, and Euro will be releasing the PMI and Expected Inflation figures, whereas the Caixin PMI figures from China will be released

 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.