TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST100 closed yesterday on a sharp loss of 3.73% at 4811 and low turnover of TRY 54.1bn, with the sell-offs accelerating towards the end of the day, as the sales were unable to be matched with buyers, and we expect this volatility to continue until the May 14th Presidential elections. European markets closed flat, despite Deutsche Bank sinking 1.6%, signalling the worst is less than over. Meanwhile, Mining stocks closed 1.4% higher in Europe yesterday, thus we may see KOZAL shares paring yesterday’s losses, as well as oil stocks, such as TUPRS.
• The losses at the BIST100 were fairly uniform across the board, with the Transportation stocks tumbling 4.50% and the MINING stocks losing nearly 5%, whereas the Banks and the Industrials fell by 3.60%, and the Conglomerates by 3.35%.
• Only BIMAS managed to close the BIST30 listings in the positive, with its nearest rival TUPRS losing 2.20%, whereas EKGYO, TTKOM and TCELL, the prior day’s top gainers, finding themselves at the bottom 3 of the rankings.
• Today, we expect the BIST to open on reactionary buybacks, Asian markets are trading higher after Alibaba disclosed yesterday that it would split into 6 units and explore IPOS, leading the stock to close 14% higher in the U.S.
• As of yesterday’s close, the TRY is trading weaker against the USD at 19.13, but relatively calm against the Euro at 20.73, whereas the DXY has risen slightly to 102.57. Both the 2yr and 10yr bond yields declined by 102bps and 89bps to 13.27% and 11.17%, respectively.
• Brent is currently trading flat at USD 78.34, and both ounce and gram GOLD prices are have dipped slightly to USD 1966 ad TRY 1209, respectively.
• Yesterday, French prosecutors said French authorities raided the Paris offices of five banks on suspicion of tax fraud. Although the prosecutors did not mention any names, French media said the banks searched included HSBC, BNP Paribas, Exane - a subsidiary of BNP - Societe Generale, and Natixis.
• Federal Reserve Bank of St. Louis President James Bullard said financial stress has increased in recent weeks due to the banking crisis but can be contained with regulatory policies rather than interest rates.
• Speaking at the CBRT’s 91st Ordinary General Assembly, Governor Sahap Kavcioglu stated that the Bank would maintain policies under its liraization strategy aimed at eliminating sensitivity to foreign exchange rate in relation to inflation and pricing behaviour. “In the forseeable future, the policy combination, we have implemented within the scope of the liralization strategy, will continue to support financial stability through healthy credit growth and potential production through financing costs. This will make a positive contribution to the supply-demand balance…As a result, inflation expectations and pricing will improve, leading to a permanent decline in inflation.”
NEWS FLOW:
• TELCOS: The new tax regulation on imported cell-phones has been cancelled according to the Official Gazette
• HALKB/VAKBN: Private placement of the HALKB and VAKBN shares to the Wealth Fund will be made today at TRY 13.54 for HALKB shares and at TRY 11.41 for VAKBN.
• AKSA: Disclosed that the second phase of its capacity utilization increase has been completed, with 2 new production lines
• MIATK: Disclosed that it has signed an agreement with the city of Kutahya for the development of shared electrical bike lanes and operations for 10 years.
• BRISA/KORDS/BRYAT: Will distribute TRY 3.60; TRY 0.29 and TRY 14.53 gross/share dividends today

 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.