Morning Note /
Turkey

Turkey: BIST-100 failed to break 5,000 resistance

  • 4,750 is a strong short-term support and we expect it to hold

  • The profit taking sales should be perceived healthy after the breathless rise in BIST 100 lately

  • Brent prices are still macro positive

ATA Invest
8 December 2022
Published byATA Invest

BIST-100 failed to break 5,000 resistance despite trials and tested 4,900 support which failed as well and selling increased incrementally yesterday. 4,750 is a strong short-term support and we expect it to hold. The profit-taking sales should be perceived as healthy after the breathless rise in BIST 100 lately. Brent prices are still macro positive and in case they continue at these levels we expect CAD to decline from USD 46-48 bn levels to below USD 40 bn levels. This scenario is supportive for TRY as well.

Macro news:

According to Bloomberg Turkey will hold a meeting with Russia tomorrow to seek discount of more than 25% for the gas imports from Russia. In case the request will be rejected Turkey will seek deferrals of payments until 2024 according to the news

According to Reuters Saudi Arabia will make a USD 5 bn swap payment. 

Company news:

*THYAO TI> Turkish Airlines Nov passengers were up by 0,2% compared to Nov 2019. Load factor is up 0,7ppt to 83,1% compared to Nov 2019.International passengers were recorded as 3,69mn up 8,2% and domestic passengers were recorded as 2,06mn down 12% compared to Nov 2019

* SAHOL TI> bought back 1mn shares at an average price of TL39.42 on 07 December 2022. Since 09 Nov 2021, the total number of shares bought back reached 75.9mn at an average price of TL19.71.

 *MPARK TI> bought back 14K shares at an average price of TL76.90 on 7 December 2022. Since 25 May 2022, the total number of shares bought back reached 6.8mn at an average price of TL49.22.

*ENKAI TI> sold 2.15mn shares bought back, at TL 25.20/shr . As a result of the transaction, the company booked TL43.9mn net income.

 *MGROS TI> opened 51 new stores and reached 2,840 stores in Nov’22. (positive) Migros opened a sum of 51 new stores in Nov’22, including 39 Migros and 12 Migros Jet format stores

Weekly Agenda:

Dec, 8: BRSA Weekly Banking Sector Data