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Turkey: Asian markets are supportive

  • BIST 100 Index closed at the lowest level of the day after a strong weakness
  • TL depreciated but was more resilient than the market.
  • Following the CMB approval of the IPO of ATP (ATA Group software company) ATPTP TI book building will start on May, 27

BIST 100 Index closed at the lowest level of the day after a strong weakness that started in the afternoon yesterday. While everyone was asking each other what triggered the selloff there was no material reason. TL depreciated but was more resilient than the market.

Today a reaction buying is very likely in the market. Asian markets are supportive as well. Daily resistance levels are 1,415 and 1,430 and 1,430 should be broken up for further recovery in the market.

Macro news:

Manufacturing Capacity Utilization Rate (CUR) increased by 1,270bps y/y to 75.3 in May’21. (-60bps m/m) Seasonally adjusted Manufacturing CUR increased by 1,250bps y/y to 75.2% in May’21 (-100bps m/m).

Company news:

ATPTP: Following the CMB approval of the IPO of ATP (ATA Group software company) ATPTP TI book building will start on May, 27 Thursday

ASELS: Board proposed to pay TL0.18 per share cash dividend from 2020 net income, implying 1.19% dividend yield. This cash dividend implies TL400mn cash outflow and 9.0% dividend payout ratio (ATA Est: 10.0%). Aselsan Board aims to distribute cash dividend by 19 Nov’21, pending approval at the General Assembly meeting to be held on 26 Jun’21.

BIMAS: MERKEZ BEREKET GIDA bought 447.730 shares @ TL 62.24, its stake raised to%15,0122

Weekly Agenda:

May 28: April trade balance (March -USD 4.65bn)

May 28: S&P Turkey Rating Decision


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