Morning Note /
Global

Sluggish opening is likely in Turkish equities

  • FED hiked the rates by 75bp yesterday

  • Powel’s words signalled his determination on lowering inflation despite the recession fears.

  • ECB’s extraordinary meeting yesterday was also a surprise to the markets.

Batuhan Ozsahin
ATA Invest
16 June 2022
Published by

FED hiked the rates by 75bp yesterday which was largely priced in lately. Powel’s words signalled his determination on lowering inflation despite the recession fears.

The ECB’s extraordinary meeting yesterday was also a surprise to the markets.

Global markets are mixed this morning and a sluggish opening is likely in Turkish equities. BIST-100 was able to hold above the critical support level. 2,550-2,570 are the daily resistance levels in the market. We remain positive for aviation companies where our top pick is TAVHL.

Company news:

* MPARK TI> bought back 20K shares at an average price of TL34.69 on 15 June 2022. Since 25 May 2022, the total number of shares bought back reached 683K at an average price of TL35.29

*SISE TI> bought back 588k shares at an average price of TL21.58 on 15 June 2022. Since February, 26 2021, the total number of shares bought back reached 83.1mn at an average price of TL13.63.

*AUTOS> May 2022: Exports increased by 51.7% y/y to 78.7K units…On a segmental basis, passenger car (PC) exports increased by 7.9% y/y to 48K units in May’22, whereas LCV exports increased by 381% y/y to 29K units during the same period. HCV exports were up by 23% y/y to 1.5K units in May 2022.

*ASELS TI> acquired EUR19mn (US$20mn) project from an international client for the supply of defense systems in regard of the use of an Asia-Pacific country (slightly positive). The acquired project accounts for 0.2% of US$8.3bn backlog (as of 1Q22-end). We consider that the contribution of the project will be slightly positive.

*ENKAI TI> sold 1,648K lots buy-back shares at an avg. price of TL19.15.

Weekly Agenda:

June 17: CBRT Expectations Survey