TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

Multiple Factors Sinks BIST
• The BIST100 continued to face seesaw trading, with the sell-offs accelerating in the final hour of trading, and closing the day 3.54% lower at 7680, but with a relatively low turnover of just TRY 109.8bn. Many factors can be attributable to the sharp losses at the BIST, such as the case against Halkbank, the rift between Türkiye and the EU, as well as the number one nemesis to all stock markets-rising interest rates, and last but not least, the surge in fuel prices and rising Covid cases.
• Today, we expect the BIST to open slightly positive, despite the negative trading the Asian markets. The markets will be focused especially on tomorrow's FOMC meeting, but interest rates are expected to remain unchanged.
• Whereas the losses were fairly even across the board, the Banks fell relatively less compared to their peers, after last week's underperformance.
• As such, ISCTR (thanks to the 50% share acquisition of in the renewable energy company against is loans), AKBNK, and BIMAS were the most bought blue-chips, as opposed to KOZAA and KOZAL ahead of this week's CB meetings, and ODAS, were the most sold.
• Going forward, we expect to see the seesaw trading mode continue, especially as increasing interest rates are finally offering an alternative to the stock market.
• As of yesterday's session closing numbers, the TRY is trading stable against both the USD and the Euro at 27.02 and 28.85, and the DXY is also flat at 105.20, as of this morning. Both the 2yr and the 10yr yields rose by 14bps and 204bps to 22.21% and 24.42%, respectively.
• On the commodity front, Brent is trading higher at USD 93.94, and ounce and gram GOLD trading flat this morning after yesterday's surge at USD 1932 and TRY 1678, respectively.
• Yesterday, the July Housing Price Index saw an increase of 7.3% y/y.
• Chinese e-commerce giant Alibaba, the majority shareholder in the Turkish e-commerce site Trendyol, stated that they will invest USD 2bn in Türkiye, during Erdogan's meeting with the group President in the US.
• Iran disclosed that its USD 6bn assets that were frozen in South Korea, was deposited in Qatari banks.
• Speaking to news reporters yesterday at the US Concordia Summit, President Erdogan stated that the economy team was working hard, and stated " at the year-end, or 2024, the latest, we are going to enter completely different. Today, Economy and Treasury Minister, Mehmet Simsek is set for talks with investors in the US.
AGENDA:
• There are no major local macro releases expected today, whereas the Eurozone August CPI figures will be the key headline hitting the news channels, while our US colleagues will be following the August Housing and Building Permits.
CORPORATE:
• RETAIL: Head of the United Brands Association stated yesterday that non-food retail companies may face a slowdown due to rising prices.
• FITCH-Disclosed that it has increased the credit rating of 10 local firms (TTKOM; THYAO; PGSUS; ARCLK; SISE; AYDEM; TCELL; EKGYO; OYAKC; ULKER)
• ALARK - A decision was made to establish a company with 30 million TL capital to operate in the aviation sector.
• EKGYO- Disclosed that it sold 187mn shares, equivalent to 4.92% of its paid-in capital
to a foreign institutional client for TRY 7.50, a discount of 7.5%, and gross income of TRY 1.40bn. The sale is expected to be completed on 21 Sep.
• HALKB - It was stated that after the Bank was ruled in favor in a case filed against it in 2020 by the US Southern District of New York Court for not being able to collect their receivables due to US sanctions against various countries, a new case was filed against the bank in July 2023 by a different group of 151 complainants in the same court for various grievances they have experienced in different countries.
• HLGYO-Disclosed that it has sold its building in Sisli/Istanbul for TRY 350mn.
• GLYHO - The number of ships arriving at the ports of the company's indirect subsidiary GPH in August 2023 was 13% above August 2022, and passenger movements in August 2023 were 41% above August 2022.
• SUWEN - It was announced that the company signed exclusive dealership agreements to operate in Iraq and Moldova.
• TMSN - After the requirement for diesel engines used in Agriculture Forest, Construction Machines, and off-road vehicles to have FAZ-V emissions, production of FAZ-IIIA emission engine tractors will continue until the beginning of 2024, and from January 2024, FAZ-V emission engine tractor production will start.

 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.