TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST rebounded after another shaky and nerve-wrecking start to the day, closing 0.60% higher at 4856 and turnover of TRY 99bn, with the majority of the gains coming after 3pm following the closing of the margin call positions.
• The Banks led the comeback, closing 2.62%, however, the Mining stocks were yesterday’s best performers, whereas the Petrochemicals were the worst performers due to HSBC’s “Sell” Report on TUPRS, and Azeri Socar’s halting of Russian crude oil to its Star refinery also affected the share adversely, by dropping nearly 5%!
• As such, KOZAL and KOZAA topped the BIST30 best performers’ list, and were followed by GUBRF, whereas VESTL, TUPRS and PETKM were the most sold.
• We expect yesterday’s positive mood in the afternoon to spill-over to today, parallel to the positive mood in the international markets.
• Currently, the TRY is trading flat against the USD at 18.64, but continuing to weaken against the Euro at 19.72, as of yesterday’s session close. The 2yr bond rates fell sharply by 48bps to below the 10% level at 9.98%, its lowest level since July 2020, whereas the 10yr rates moved only 6bps lower to 10.75%. The 5yr CDS rates will start the new day from the 532 level, after improving by 4pts yesterday.
• On the commodity front, Brent is continuing its free fall, currently trading at USD 77, and both ounce and gram GOLD prices are higher at USD 1797 and TRY 1077, respectively.
• At yesterday’s meeting with investors, the Turkish central bank told commercial banks to avoid foreign-currency transactions in the early hours of the day when there isn’t demand from clients, and that the Banks’ FX transactions will be monitored.
NEWS FLOW:
• SUNTK: Disclosed yesterday that it signed an agreement with H&M. According to the details, for the knitted ready-to-wear products designed by SUNTK, an order plan of EUR6.4mn has been made from H&M, a Swedish retail group with a registered brand in 83 countries and 4,664 stores in 77 countries, which is targeted to be realized until May 2023. The company targets annual turnover of EUR25mn from H&M, which will make 10% of its 2023E revenue.
• PETKM: According to Reuters, Socar has halted Russian crude oil supplies to its Turkish refinery, due to the EU’s embargo on Russian seaborne crude oil imports that took effect on Dec. 5th, along with the ban on the use of EU shipping services for the transportation of Russian oil bought above a Group of Seven (G7) price cap of $60 a barrel.
• TUPRS: Disclosed that it will purchase 1.67% share OPET shares for TRY 179.6mn
• TCELL: Disclosed that its 100% subsidiary in Belarus, Beltel, will purchase 20% stake in its subsidiary CJSC Belarusian Telecommunications Network ("CJSC BeST").
• ENKAI: Disclosed that yesterday it sold 3mn shares at average price TRY 22.80.
Equity and Bond Transactions by Non-Residents
• Foreign investors had net purchases of US$303.5mn in the week of December 2. There were net inflows of US$339.75mn in equity portfolios and net outflows of US$36.27mn from the bond portfolios. This net inflow in equity side was the second biggest weekly number ytd. The total foreign outflow from the equity portfolios has been US$3.1bn dollars, while US$2.2bn dollars of foreign outflow was realized on the Fixed Income side since the beginning of the year. In total, foreign outflows from stocks and government securities totalled US$5.3bn dollars since the beginning of the year. The share of foreigners in bonds is still 0.76% while their share in stock market is 29.7%.
AGENDA:
• There are no major local macro releases expected today, whereas on the international side, China inflation figures, as well as the US PPI figures US Michigan Consumer Sentiment will be released

 
 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
                           ***
                  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.