Morning Note /
Global

Turkey: BIST 100 continue to trade in a band with high volatility

  • Pound and Euro crashed and led a low risk appetite in global markets

  • Global recession’s negative effect on Turkish companies seems to be inevitable

  • Selecting stocks will be more than important going forward

ATA Invest
26 September 2022
Published byATA Invest

Pound and Euro crashed and led a low risk appetite in global markets. Global recession’s negative effect on Turkish companies seems to be inevitable. Selecting stocks will be more than important going forward. On the good side oil prices are below USD 85 which is Turkish Macro positive. We are likely to revise down our foreign trade deficit numbers. BIST 100 continue to trade in a band with high volatility. 3,260 will be the daily support level. Foreign share in the market keep declining. We remain positive on PGSUS TAVHL.

Macro news:

Consumer Confidence Index (CCI) increased by 0.3% m/m to 72.4 in Sep’22 (-9.2% y/y). Financial situation expectation of households declined by 1.1% m/m to 71.4 in Sep’22. General economic situation expectation increased by 1.6% m/m to 74.0. Number of people unemployed expectations increased by 0.7% m/m to 70.4 in Sep’22. Probability of savings* increased by 6.6% m/m to 29.6 in Sep’22.

Company news:

Borsa Istanbul will apply uptick rule in BIST 50 short sales today again.

*MPARK TI> bought back 30K shares at an average price of TL47.36 on 23 September 2022 Since 25 May 2022, the total number of shares bought back reached 3.8mn at an average price of TL38.71.

*TAVHL TI> The operating rights of Ankara Esenboğa Airport will be put out to tender 2 years before the end date of May 2025... (Neutral) According to the news published on the website of Dünya newspaper; Ankara Esenboğa International Airport operating rights will be re-tendered for both capacity increase and new investments. Ankara Esenboğa Airport accounts for 5.3% of Tav Airports' net sales and 3.3% of its total EBITDA in 6M22. In 8M22, 5.6 million passengers were hosted at Esenboğa airport, which represents 11% of TAV airports. According to the news, the tender process will begin until October.

Weekly Agenda:

Sep, 26: Sep Capacity utilisation rate

Sep, 29: Sep Economic confidence index

Sep, 29: BRSA monthly banking sector data

Sep, 30: Aug Foreign Trade statistics