Market Watch(Şeker Yatırım)

Market Watch - Wednesday, April 19, 2023
Outlook:
The BIST100 Index started Tuesday with buyers. The Benchmark Index then declined amid afternoon sales to close at 5,018.70, down 0.80%. The Banking Index diverged positively, gaining 0.48% while the Industrial Index lost 1.13%. Election uncertainty and the expectation that orthodox policies may be adopted thereafter, plus the rise in deposit rates, including Currency Protected Deposits imply selling pressure for the BIST. In light of these, we expect purchases ahead of the election to present a selling opportunity. The fluctuating course will continue within the broad band that the index has seen since the start of the year. Incidentally, we expect stock and sector-based divergences to impact the market in the short term with the effect of the 1Q23 results season that commences today with Arcelik. In major global stock markets risk appetite has attempted a recovery. Yesterday, US indices observed a mixed course and European counterparts closed the day with a rise. The VIX has regressed to 17, indicating that selling pressure in the U.S. Stock Markets has eased. This morning US and German DAX futures have traded with limited selling and Asian indices are also seeing sellers. Domestically, the VIOP-30 Index closed the evening session down a limited 0.04%. We expect the Benchmark Index to start Wednesday positively and thereafter pursue a volatile course, with any intraday gains presenting a selling opportunity. SUPPORT: 5,000- 4,955 RESISTANCE: 5,057 - 5,122.
Money Market:
The Lira was negative yesterday, weakening 0.10% compared to the USD to close to 19.4037. In addition, the currency depreciated by 0.31% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were relatively flat. The ten-year benchmark bond ending at 12.17%, unchanged from its previous closing.
Headlines:
Treasury and Finance Minister Nureddin Nebati has announced that the Credit Guarantee Fund support package limit is increased to TRY400bn (USD20.6bn) from TRY250bn (USD12.9bn) with TRY50bn of this amount directly allocated to the earthquake zone.
Sector News:
The SDIF has put up for sale 96.68234% of Adabank shares belonging to the Savings Deposit Insurance Fund (966,823,400 shares). The estimated value for all of the shares offered has been determined as TRY210mn (USD10.8mn) and the tender will be held on May 24, 2023.
Company News:
Arcelik (ARCLK.TI; OP) is set to announce its 1Q23 financials today after the market close. We anticipate quarterly net profit of TRY 1,119n (4% YoY decrease), while the market average expectation is for a TRY 1,007mn net profit. We expect 1Q23 net sales revenues and EBITDA to reach TRY 39,430mn and TRY 3,576mn, respectively. The market's respective quarterly net sales and EBITDA average expectations are TRY 39,807mn and TRY 3,671mn.
Halkbank (HALKB.TI; MP) has authorized its management to issue bills and/or bonds in the local market of different types and maturities for up to TRY60bn with or without public offering, on a dedicated basis or through sales to qualified investors with a maturity of up to 10 years.
VakifBank (VAKBN.TI; MP) has bought a total of 41,864,754 Vakif REIT shares, (25,916,266 privileged Group A shares and 15,948,488 Group B shares) owned by the Housing Development Administration at a price of TRY3,8376/share

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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.