TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

SASA Discount Sale Triggers Sell-offs
" The BIST100 closed yesterday 2.86% lower to 5429, and turnover of TRY 84bn, as the 15% discount of SASA shares ignited the sell-off that everyone knew would come, but were hoping the fairy tale rid would somehow continue, on the back of rising interest rates, and suspense over next week's MPC meeting that even Agatha Christie would be jealous over as to whether or not the new Economy team will have the authority and courage to raise interest rates to the necessary levels to curb inflation. Word on the street is a rate hike that would take the 8.5% policy rate to the 20-25% range.
" Despite the harsh sales, the Banking stocks had managed to trade in the positive territory for most of the session, before joining in the bad crowed, and closing 0.83% lower, but still rather envious considering the 3.65% and 2.46% sales in the Industrials and Conglomerates. It is also worth noting here that the KCHOL subsidiaries also managed to diverge positively from their peers, as well as BIMAS.Ü
" KRDMD, BIMAS and ARCLK were coincidentally the only BIST30 stocks that closed in the positive in order of highest gains, whereas SASA, KOZAL/KOZAA, and AKSEN were the most sold.
" Today, though we may start on a flat/negative note, the BIST may try to pare its losses in the afternoon, in which case we would be watching the Banks, KCHOL and its subsidiaries.
" As of yesterday's close, the TRY is trading flat at 23.65 against the USD and at 25.53 against the Euro, whereas the DXY is at 103.32.
" The 2yr rates were relatively unchanged at 16.88%, whereas the 10yr rates soared by 135bps to 18.05%.
" On the commodity front, Brent is trading higher at USD 74.63 and both ounce and gram GOLD are slightly higher today at USD 1947 and TRY 1482, respectively.
" Yesterday, the pace of the US inflation showed signs that it was easing, coming in at 4%, primarily on the back of falling gasoline prices.
" Yesterday, Russian President Vladimir Putin disclosed that they were considering quitting the Ukraine Safe-Corridor Crop Deal.
" Fitch disclosed yesterday that the new economy team may return to utilize the policy rate as a tool to alleviate the pressure on the TRY and the reserves, and inflation. The report states that after the elections, there is a signal to change the previous economic policies, but that this will take time.
NEWS FLOW:
" ANHYT: Disclosed that its premiums rose by 127% to TRY 2.4bn.
" ARENA: Disclosed that it signed a cell phone accessories agreement with ZTE.
" KOZAL: Disclosed that it won the tender for a new mining project by submitting a bid of TRY 21mn.
" PGSUS: Disclosed that its May total passenger count rose by 17% y/y to 2.63mn, and load factor rose by 5.4pts to 82%. Domestic passenger count fell by 1% to 960k, whereas international passenger count rose by 31% to 1.67mn.
" BIMAS: Will distribute gross TRY 2.00/share dividends today.
AGENDA:
" On the local front, whereas the US will be releasing its PPI, and then followed by the Fed Rate Decision. President Erdogan will be chairing the Cabinet meeting today.


 
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