TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The BIST closed an unenthusiastic and cautious trading session with a slight gain of 0.19% at 5429, and turnover of 124bn, with the Banks and Aviation stocks pulling the benchmark lower, whereas KRDMD and the Autos helped keep the Index above water. The Retail Chain stores also fared well after the Competition Board ruled that a fine was not warranted upon its probe into the sector, with BIMAS shares closing 2.51% higher.
• SASA, KRDMD and GUBRF led the gains at the BIST30 Index, whereas KOZAA, ASELS, and HALKB were the most sold. On the BIST100 side, despite EKGY0 closing nearly 2% lower, we noticed the sector’s smaller peers diverging positively due to the continuing fall in the interest rates, such as TRGYO and SNGYO shares.
• Today, we expect a positive opening at the BIST, parallel to the positive mood in the global markets, with the technology stocks pulling the Asian markets higher, following in the path of the US markets yesterday.
• As of yesterday’s close, the TRY is trading flat against the USD at 18.66, but considerable weaker against the Euro at 19.88, which would strengthen our investment thesis to opt for exporters to Europe, such as the Automotive, and White-good stocks, as well as Food Companies and some Industrials, and the DXY has fallen to 103.84.
o Please note that a common theme among the small-cap companies that we have a “Buy” rating and our research department looks out for when deciding on companies to cover, all have strong, and expected to maintain continuing FX cash inflows due to exports, which would reflect positively onto the top-line against a weaker TRY.
• The 2yr and 10yr rates fell massively by 42bps and 60bps to 9.57% and 9.83%, respectively. The CDS will start the day lower from the 515 level.
• On the commodity front, Brent is continuing its rise from yesterday, currently just shy of the USD 83 ticker, due to falling weekly stockpiles, the US also expecting dangerous cold weather over the next few days, as well as the relaxing of China’s Covid restrictions. Please note that the Holiday season is just around the corner, and this will also spike oil prices. Both ounce and gram GOLD prices have risen slightly to USD 1820 and TRY 1092, respectively.
• President Erdogan stated yesterday that the new minimum wage would be disclosed today.
NEWS FLOW:
• RETAIL CHAINS: The Competition Board decided not to fine the sector players-BIMAS-CRFSA-MGROS and SOKM after its probe regarding price hikes.
• According to the Official Gazette, the insurance size of the Savings and Participation Fund has been increased to TRY 400mn from TRY 200mn.
• AHGAZ.E: Shares will start trading today at the BIST
AGENDA:
• On the local front, the MPC meeting will be held today, whereas the consensus is for the interest rates to remain unchanged at 9%, as well as the US GDP figures and Jobless Claims numbers.

 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.