• The BIST closed yesterday by paring most of the previous 2 days’ harsh sell-offs due to both leverage limitations, as well as companies realizing gains on investments to ink-in to their 22YE financial, with a gain of nearly 2.50% to close at 5477, and turnover of TRY 94.7bn, heading into the last day of the 2022 trading session-the BIST moving parallel to the gains in the international markets.
• The Banks and REITs rallied the BIST higher, rising by 3.11% and 4.45%, respectively, whereas the Transportation stocks trailed the general benchmark. We also observed notable interest on the Automotive stocks, especially on TOASO due to speculations of the introduction of new automobile models by parent company Stellantis for TOASO.
• As such, TOASO closed limit-up, as did ARCLK, we believe due to both the weaker TRY against the Euro, which would reflect positively onto its top-line, thanks to its export to Europe, as well as its recent lag against the benchmark, not to mention that retirees will now have more disposable discretionary income to spend on pretty much everything, which will increase spending across the board, but also put pressure on inflation, which is expected to fall considerably in 2023.
• Today, we expect the BIST to close the end of the year on a positive note.
• As of yesterday’s session close, the TRY is trading slightly flat against the USD at 18.71, but stronger against the Euro at 19.94, whereas the DXY is trading lower, slightly below the 104 level. The 2yr yields rose by 16bps yesterday to 9.97%, whereas the 10yr yields fell slightly by 4bps to 10.41%. The 5yr CDS rates fell by 5pts yesterday to 513.
• On the commodity front, Brent is continuing to leak, currently trading at USD 83.70, due to both the increased Covid cases in China, that would slow demand, as well as the rise in crude stockpiles, and worrisome indicator that the churns in the US economy are moving more slowly. On a related note, the EU will not demand Covid tests from inbound flights from China.
Equity and Bond Transactions by Non-Residents
• Non-residents have divested US$327.2mn of portfolio investments in the week ending on December 23rd. There was a net outflow of US$325.8mn out of equity portfolios and US$1.4mn from the bond portfolios. Foreign investors have sold a total of US$4bn of equities and US$2.2bn from fixed income books, ytd. Currently, their respective shares in bonds and equities are 0.7% and 29.7%. Foreigners used to own 61% of the free float at end-2019 while the 2-year average is 39%.
NEWS FLOW:
• BANKING: The sector reported a net profit of 475% in November to TRY 53.1bn.
• According to the daily NTV news channel, natural gas prices will be cut by 12% for homes in Istanbul
• KOZAL: Disclosed that it has initiated the environmental assessment report for the gold-silver mine in Bilecik.
AGENDA:
• On the local front, the Trade Balance will be released, as well as the CBRT 2023 Monetary and Foreign Currency Outlook Report, whereas there are no major international news flow expected.
Have a great New Year!
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.
TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )
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