Morning Note /
Turkey

Turkey: A positive opening is expected

  • As the upsides in the valuations keep shrinking, we see BIST 100 still testing resistance levels but closing cautiously

  • Volatility in banks continue

  • The rise in minimum wage is expected to be announced today

ATA Invest
22 December 2022
Published byATA Invest

As the upsides in the valuations keep shrinking, we see BIST 100 still testing resistance levels but closing cautiously. Volatility in banks continue. Competition board announced not to fine BIMAS MGROS SOKM and CRFSA. So food retailers were in green yesterday. Autos were also faced cash inflow. Please recall TOASO MGROS and BIMAS are ATA top picks. Today a positive opening is expected towards 5.500 resistance level and in case broken up 5,800 will be the next stop. The rise in minimum wage is expected to be announced today.

Company news:

 *AHGAZ TI: New IPO will start trading today. (Ahlatci Dogalgaz)

 *MPARK TI> bought back 33K shares at an average price of TL82.22 on 21 December 2022. Since 25 May 2022, the total number of shares bought back reached 6.9mn at an average price of TL49.75.

 *MGROS TI> announced that Competition Board did not impose any penalty to Migros as expected. (neutral) Although the Competition Board did not impose to the company a new monetary fine, Migors announced that the Company will file an annulment case at the court within the legal term, against the ruling that the Company violated the Article 4 of the Law. Please note that the competition board did not impose any penalty against BIMAS, SOKM or other non-listed food retailers either. Plesea note that, Competition Board decided to impose an administrative fine of TL272mn to CCOLA regarding various information and documents obtained within the scope of the investigation carried out about some undertakings by manufacturers/suppliers and retailers in the fast moving consumer goods sector. CCOLA prefered to pay fine given to CCSD as TL204mn within the legal period by taking advantage of the 25% early payment discount.

 Weekly Agenda:

Dec, 22: CBRT Interest Rate decision

Dec, 22: BRSA Weekly banking sector data