Morning Note /
Turkey

Turkey: A flat opening is likely

  •  BIST 100 floated within 5,400-5,500 band yesterday

  • Upsides are getting narrower and the volume in the market keep declining

  • Minimum wage for 2023 announced as TRY 8,500 TRY (up by 55%) by President yesterday which was in line with expectations

ATA Invest
23 December 2022
Published byATA Invest

BIST 100 floated within 5,400-5,500 band yesterday. A positive opening which is followed by profit taking sales in the afternoon has been the routine in the market lately. Upsides are getting narrower and the volume in the market keep declining. All signals point to a correction in the market yet low interest rates and stable currency increases the local investors appetite in the market. Foreign investor son the other hand keep selling and their share in the market fell to 29.23%. CBT kept rates unchanged at 9% which was in line with their previous guidance and expectations. Minimum wage for 2023 announced as TRY 8,500 TRY (up by 55%) by President yesterday which was in line with expectations. Today a flat opening is likely. In case 5,400 will be broken down we can expect selling spree to widen and 5,300 - 5,100 support levels to be tested.

Company news:

* MPARK TI> bought back 28K shares at an average price of TL81.46 on 22 December 2022. Since 25 May 2022, the total number of shares bought back reached 6.9mn at an average price of TL49.88.

 *DOHOL TI GWIND TI>, announced that Dogan Holding sold 16.3mn Galatawind <GWIND TI> shares at TL22.70/shr by block sales to domestic and international corporate investor and their stake declined to 70.00% from 73.05%.

 *DOHOL TI>, announced that Dogan Holding sold 37K Doğan Burda Dergi Yayıncılık ve Pazarlama <DOBUR TI> shares at TL73.48/shr and their stake declined to 39.39% from 39.58%.

 *HALKB TI VAKBN TI> According to Bloomberg and sources, additional capital injection is planned to public banks.