TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST suffered another nerve wrecking day yesterday, with sell-offs finally being realized from the 5258 level, closing the day a little more tolerable, with a loss of 1.64%, compared to over 3% losses during the day, at 5346 level and turnover of TRY 106.5bn. We attribute the harsh sell-offs primarily to the regulatory ban of equity backed repo leverage facility. A secondary reason was to reflect the ytd gains to their YE22 financials prior to T+2 settlement date, which coincides with the last day of the week, as well as the year-TGF!. As such, the BIST100 has returned 188% in LCY terms, and 103%, when adjusted for the USD, making the BIST100 and BIST30, the best performing primary stocks in 2022, with 2 days left to go!
• The global markets were not that glossy either, due to the concern that the of China’s zero-Covid policy could lead to a rise in cases around the world. Also, in an effort to revive Hong Kong as a finance hub, the city will end some of its last major Covid rules, scrapping gathering limits to vaccination checks and testing for travellers. Still, while the elimination of the Covid curbs may be a boost for the global economy, there’s concern that it may boost inflation, which would in turn prompt the policy makers in the US to maintain tight monetary policy, thus the main reasons for the risk-off mode.
• The MINING stocks were the most sold, falling limit-down, after their recent good run thanks to KOZAL’s announced 2000% right’s issue, and the BANKS fell by nearly 3%, and the Industrials a little over 2%, whereas the Conglomerates lost just 0.90%, but thanks to the gains in ISE and KCHOL stocks
• SASA, KCHOL and SISE led the gains among the BIST30 stocks, whereas KOZAL, KOZAA were accompanied by TKFEN at the bottom.
• Today, we expect the BIST to bounce-back strong after the 2-days of undiscriminatory sell-offs, as investors have pencilled-in their 2022 profits in their books.
• As of yesterday’s session close, the TRY is trading flat at 18.72, and the Euro at 19.89, the DXY is also calm at 104.30. The 2yr bond yields rose by 29bps yesterday to 9.81%, whereas the 10yr yields fell slightly by 4bps to 10.45%.
• On the commodity front, Brent dipped further, trading below the USD 84 ticker at USD 83.35, due primarily to Putin’s warning to halt oil exports to buyers that adhere to the fall-out, and the possibility that this may create cracks in the union, and both ounce and gram GOLD are trading slightly lower at USD 1803 and TRY 1085, respectively.
• The Syrian and Turkish Defense Ministers, hosted by Russia, the first meeting since the civil war erupted in 2011.
• Turkey’s President Recep Tayyip Erdogan delivered on a key election pledge and announced a new regulation that allows early retirement to nearly 2.3 million employees, adding that there will be no age limit.
• Gazprom disclosed that it the natural gas hub to be built in Turkey will be transparent and provide fair pricing.
NEWS FLOW:
• BANKING: Withholding tax on Turkish Saving’s deposits have been extended to June 30th, 2023.
• BANKING: According to Reuters, Turkish banks have applied to BRSA for dividend payment to shareholders
• HOUSING: Turkey is set to require buildings to use at 5% of energy used by all buildings with total construction area of more than 5k sqm should be generated from renewable energy sources.
• FROTO: Disclosed that it has signed a €200mn load deal with the EBRD to be used in the financing of the new electrical commercial vehicles.
• KOZAL: Disclosed it has transferred over the operating rights of the Invictus Mine at Nevsehir, Turkey.
• YATAS: Disclosed it will buy a liquidating peer that supplies sponges for beds.
• DOAS: Disclosed it has applied to the CMB to raise its registered shares to TRY 1bn from 660mn
AGENDA:
• On the local front, summary from last week’s MPC meeting will be released, as well as the Consumer Confidence Index, whereas on the international front, the US Initial Jobless Claims and ECB Economic Bulletin 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.