TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST opened the new week with strong gains and hefty buying appetite, parallel to the risk-on mode in the global markets, closing 3.41% higher at a new historic high of 5392, and turnover of TRY 137.8bn, led by the near 10% gains in the banks. The conglomerates and aviation stocks followed behind by rising 3.30% and 3.10%, respectively, whereas the industrials and energy stocks continued to lag behind their peers.
• On the BIST30 front, DOHOL topped the list, followed by the limit-up closings in the major banks, with the exception of YKBNK, which nevertheless closed over 9% higher. KOZAA was the only stock that closed in the red among the BIST30 stocks and was followed at the bottom of the listings by KOZAL and BIMAS.
• Today, we may see a flat opening at the BIST due to the negative overhang in the global markets. Looking ahead, we expect the appetite in the Banks to continue leading up to the 4q22 results, as we expect the sector players to release even better results than what we have already seen in the past quarters, however, we feel that these results may actually trigger banking analysts to downgrade the sector’s outlook, and thus we continue to recommend the stocks of companies that export to Europe, due to the continuing appreciation of the Euro, mainly Whitegoods, Automotive, and Food Companies.
• As of yesterday’s close, the TRY is flat against the USD at 18.64, but has strengthened against the Euro to 19.73, and the DXY has fallen slightly to 104.45, as of print. The 2yr and 10yr bond yields have also fallen sharply by 19bps and 17bps to 8.92% and 10.58%, respectively. The CDS rates closed flat yesterday at 536.
• On the commodity front, Brent is trading flat at USD 80, and both ounce and gram GOLD are also trading lower at USD 1789 and TRY 1072, respectively.
• The European Union energy ministers agreed to a “dynamic” cap on natural gas prices Monday. The mechanism will be automatically activated under two conditions: If front-month gas contracts exceed 180 euros ($191) per megawatt hour on the Dutch TTF for three working days in a row, and if the price is 35 euros higher than a reference price for liquid natural gas on global markets for the same period.
• The BOJ left the interest rates unchanged, however, announced that it will widen its yield curve band.
• ECB Vice-President, Luis de Guindos, stated that the ECB will not revise its mid-term price stability goal of 2%, as that would undermine its credibility, adding that it will continue raising interest rates to combat inflation.
• According to the IEA report, global coal use is expected to increase by 1.2% in 2023, after a dismal 2022 year.
• President Erdogan announced yesterday that Turkey had allocated TRY 200bn of a new government-back loan support package for companies, which is expected to create about TRY 250bn financing for companies, according to Treasury Minister Nebati’s twitter post, and today, the new increased minimum wage rate is expected to be announced
NEWS FLOW:
• CCOLA: Disclosed that regarding the Competition Board’s investigation on 27.01.2022, the Board has decided to levy a fine of TRY 272mn TRY in total to CCSD. CCOLA also added that it has and will object to this penalty before the Administrative Court, and legal actions will be taken by the Company. The Company will pay the total fine as to take advantage of the 25% early payment discount and will include a provision in the amount of the relevant fine, however, underlining that paying the fine or reflecting it on the Company’s financial statements does not mean that the charges subject to the penalty have been accepted.
• SISE: Disclosed a €228mn sustainable investment as part of its strategic investment. The Company will increase its frosted glass furnace investment capacity in Mersin, from 180 thousand tons to 244 thousand tons per year. The company will also increase its yearly capacity of energy glass processing line from 20 million square meters to 26.6 million square meters. The Company announced that this move will support SISE’s leading position in the Turkish energy glass industry, as well as reinforcing its strong position in the global glass industry.
• HALKB: Short-selling and margin trading will be banned until 19/01/2023.
• INDEX CHANGES: ALARK and ODAS will be included into the XU30, whereas TTKOM and VESTl will be removed, and on the XU50 LIST, AGHOL, KONTRİ and SMRTG will be added, and ENKAI, IPEKE and TTRAK will be removed.
AGENDA:
• The Consumer Confidence figures will be released today, whereas on the international front, the BOJ rate decision, Germany November PPI figures, and the US November Existing Home Sales numbers will be released.

 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.



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