TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• It was another day that investors wished did not materialize, as the BIST faltered by a little over 3.50%, with the sell-offs accelerating in the last hour of the day, closing below the 5k level at 4988, and turnover of TRY 97.1bn-rather low compared to previous volumes.
• The Banks and Transportation stocks faced the largest share of the losses-the Transports being hurt due to the increasing Covid cases in China, and countries requiring positive tests from passengers arriving from the country.
• SASA was the only BIST30 stock that managed to close in the positive among the BIST30 stocks, whereas if we expand our list to the BIST100 stocks, it was followed by KLRHO and SELEC. GUBRF, YKBNK and TKFEN were the most sold BIST30 stocks.
• Today, we expect a positive opening and for the BIST to try to pare most of yesterday’s sales, parallel to the gains in the Asian markets, after their recent dismal performance as well.
• As of yesterday’s close, the TRY is trading flat at 18.78 against the USD, but slightly weaker against the Euro at 20.18, whereas the DXY is flat at 103.25. Both the 2yr and 10yr bond yields continued to rise, closing 24bps and 29bps higher to 9.60% and 8.89%, respectively. The CDS rates soared by 20pts yesterday to 539.
• On the commodity front, Brent is trading lower at USD 79.45 as US stockpiles surged by 15mn barrels last week vs an expectation of 2.4mn barrel decline. Ounce and gram GOLD are trading considerably higher at USD 1881 and TRY 1136 respectively.
• Turkey November Industrial Production fell by 1.3% y/y, and 1.1% m/m, the first time it has contracted since the Covid outbreak.
• Fed Chairman Powell distanced himself yesterday from the Bank’s rate policy, instead vowing to limit the Fed’s climate role to protect independence. The FOMC’s next meeting is 3 weeks away.
NEWS FLOW:
• The World Bank reduced its growth for Turkey by 0.5% to 2.7% for 2023, but kept it at 4% for 2024.
• Turkey: Head of S&P EMEA Director, Frank Gill, stated that he expects Turkey’s inflation rate to rank among the highest in 2023.
• BIST: Uptick short-selling rule will be applied on circuit-break stocks.
• ENJSA: The EBRD has signed its largest-ever financing for electric vehicle charging and distributed electricity generation with Turkey’s Enerjisa Energy, totaling 2 billion Turkish liras, according to the Anatolian News Agency. This news was released yesterday morning.
• AKGRT: Disclosed that its premiums rose by 89% in December to TRY 2.38bn, closing 2022 94% higher at TRY 13.56bn.
• GESAN: Disclosed talks for a USD 4.4mn agreement, and USD 9mn agreement had reached contract status with two clients.
• SUWEN: Disclosed it will raise its registered capital three-fold to TRY 300mn from TRY 100mn
AGENDA:
• There are no major macro releases expected today. US December CPI will be announced tomorrow at 16:30 TR Time.

 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.