ATA Invest
7 Aug 2023
Turkey: A positive opening is likely today in BIST
BIST 100 broke another record and closed above 7.400 level. Equities are still the best option in an environment. Daily support levels are 7.200 and 7.100.
ATA Invest
3 Aug 2023
Turkey: A sluggish opening is likely in the market today
BIST 100 failed to break 7,300 resistance once more yesterday. Today eyes will be on July inflation figure where ATA expects 9.20% versus 8.4% consensus expectations. The declining trend in inflation for the last 8 months will end with latest price h...
ATA Invest
2 Aug 2023
Turkey: A negative opening is likely today
After testing 7.300 levels, BIST 100 faced profit taking sales and closed at 7.168 level yesterday. Index was signalling the end of rally. The main trigger going further will be the FDIs expected from gulf region.
ATA Invest
26 Jul 2023
Turkey: Today we expect a weak opening
The weakness in Turkish equities which started on Monday afternoon continued yesterday. Earnings season will continue with Tofas, Tav Havalimanlari and Akbank today. Daily resistance is at 6.700 level.
ATA Invest
24 Jul 2023
Turkey: Today we expect a positive opening in the market
BIST 100 closed almost unchanged on Friday. Earnings season started with Arcelik last Friday. ATA Group company Atakey Patates ATAKP TI sold 28.2 mn shares at TL 39.5 on IPO last week.
ATA Invest
10 Jul 2023
Turkey: Another positive opening is likely
BIST 100 failed to break 6.200 resistance. Turkey’s CDS remain below 500 today after testing these levels on Friday. 2Q earnings season will kick off on July, 21 with Arcelik –ARCLK TI.
ATA Invest
7 Jul 2023
Turkey: Eyes will be on US non-farm payroll data and unemployment data
Following the breach of 6.000 level at BIST 100, 6.200 was tested yesterday. Risk appetite is still high and market is pricing in a rate hike from 15% to 20% on July, 20 CBT meeting. Banking sector shares have been under performing the market for the...
ATA Invest
5 Jul 2023
Turkey: June inflation figure will be announced
As expected the market was sluggish yesterday after the latest rally and breach of 6.000 level in BIST 100. Despite the sell off BIST 100 was able to stay above 6.000 level yesterday. Today 6.025 and 6.050 levels will be critical and in case broken u...
ATA Invest
4 Jul 2023
Turkey: We may see a slightly positive opening
Turkish equities rallied once more with a strong volume yesterday after the long holiday. President Erdogan keeps his stance against Sweden prior NATO meetings next week. Yesterday CBRT also announced in the minutes that the 5% inflation target is fa...
ATA Invest
3 Jul 2023
Turkey: Today we expect a positive opening
Turkey is back from long religious holiday and trading will resume today. This week inflation will be announced with 2 days delay on Wednesday. We expect 4.2% vs consensus estimates of 4.25% for June CPI.
ATA Invest
22 Jun 2023
Turkey: All eyes on the CBRT rate decision
The markets have been pricing in a gradual hike. Our base case scenario was to raise the rates towards 25% levels which will be a positive surprise now. We remain positive for aviation, food retail sectors and exporters. Turkey CDS is back to 493 lev...
ATA Invest
21 Jun 2023
Turkey: Reactionary buying is likely
The correction in the market prior CBRT meeting tomorrow continued yesterday. Ministry of Labor and Social Security increased the minimum wage by 34%. The market started pricing in a rate hike between 16-20% level from CBRT.
ATA Invest
16 Jun 2023
Turkey: We expect a positive opening
BIST 100 reacted from the support levels and recovered yesterday towards 5,500 level. Today Mehmet Simsek will have a meeting with bank executives. Today, any announcement following the meeting will be watched closely.
ATA Invest
15 Jun 2023
Turkey: Daily support and resistance levels are 5,270 and 5,400- 5,550
Turkish equities faced a volatile day and closed the day at 5,360 level. There are different expectations from CBT about the rate hike differing from 20% to 40%. We remain positive for the aviation sector in general despite the outperformance lately,...
ATA Invest
14 Jun 2023
Turkey: 5,370 will be the next support
Fed day. Mehmet Simsek will hold a meeting with bank executives on Friday. Turkish equities were showing signs of fatigue an faced strong profit taking sales yesterday.
ATA Invest
13 Jun 2023
Turkey: 5,450 will be the daily support
Turkish equities started the day strong but showed signs of fatigue and closed the day in red. CBT meeting on June 22: We expect the rates to be increased to 25%. Eyes will be on Simsek’s meeting.
ATA Invest
12 Jun 2023
Turkey: Eyes on Simsek’s meeting with bank executives
Turkish equities faced another strong day after the appointment of the new CBT governor. This week markets will be following the rate decisions from US, Europe, China and Japan. The biggest test for Turkish equities will be the CBT’s rate decision on...
ATA Invest
31 May 2023
Turkey: We expect a flat opening
Turkish equities rallied two days in a row and BIST 100 index closed at 4,951 level. Banks joined the rally which were partially short covering and easing regulation expectations on the banking sector. Today MSCI Index reshuffling will take place and...
ATA Invest
30 May 2023
Turkey: BIST 100 is likely to open in green
Turkish equities reacted sharply yesterday as the election uncertainty over and BIST 100 closed at 4.768 level yesterday. The new economy team which will be announced on Friday and new policies should be watched closely. President Erdogan met with fo...
ATA Invest
16 May 2023
Turkey: Uncertainty until the run-off election set to continue
Turkish equities as expected faced strong weakness. BIST 100 tested almost 4,400 level and closed at 4,500 level yesterday. 4,400 is an important support level in case broken down 4,300 can be tested.
ATA Invest
15 May 2023
Turkey CDS jumps to 576 after election
Turkey held a historic round of elections with a record 86% participation rate. Incumbent President Recep Tayyip Erdoğan secured 49.35% of the votes, while Kemal Kilicdaroglu secured 45% of the votes. So,the run off will be between Recep Tayyip Erdog...
ATA Invest
12 May 2023
Turkey: We expect a positive market opening
Turkish equities rallied with a stronger volume and BIST 100 closed at 4.848 level yesterday. This was a long awaited move for investors. Today is the last trading day before elections.
ATA Invest
10 May 2023
Turkey: All eyes on the elections
We are only 3 trading days away from the historic elections. the market has been trading as if a win by the opposition is shaping up. 1Q results continue to come and our overall view is that there are very few good results.
ATA Invest
9 May 2023
Turkey: A slightly negative opening is likely
Turkish equities recovered well from the bottom and BIST 100 closed above 4.500 resistance level yesterday. Please recall that the market is pricing in a second round of elections for the Presidential race. 4.600 and 4.650 are the next resistance lev...
ATA Invest
5 May 2023
Turkish equities faced another volatile day
Although US markets closed in red futures are signaling a positive opening today prior US unemployment data today. BIST 100 almost tested 4,600 levels but due to the profit taking sales, closed at 4,484 level yesterday. Today a positive opening is li...
Strategist
@
ATA Invest
Batuhan Özşahin joined Ata Invest at the end of 2015 and is responsible for macroeconomic forecasting and coverage for financials. He started his career at PwC and has been covering Turkish equities as a sell-side analyst for 21 years. He started covering the Turkish consumer and Construction sector at Global Securities. During his tenure at Global, he participated in IPOs, SPOs and prepared valuation models for M&A advisory. Following a seven-year career at Global he joined UBS’ Turkish equity research team. He served as the head of research for Turkish equities at UBS for 3 years also covering financials and macro strategy and forecasting with the European Economics department. Batuhan moved to Singapore as a portfolio manager at Ideal Advisors, a boutique asset management firm for EM equity and fixed income mandates.
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