Morning Note /
Global

Turkey: Earnings season starts this week

  • Turkish equities rebounded well as expected, joined the global markets and closed above the 2,450 level yesterday

  • Volatility is still high, once more stocks dipped in the US which signals a sluggish opening in BIST

  • Next week YKBNK GARAN and AKBNK 2Q results will be out

ATA Invest
19 July 2022
Published byATA Invest

Turkish equities rebounded well as expected, joined the global markets and closed above the 2,450 level yesterday. Volatility is still high, once more stocks dipped in the US which signals a sluggish opening in BIST.

Earnings season starts this week. Next week YKBNK GARAN and AKBNK 2Q results will be out. We expect a 46% and 44% increase in quarterly GARAN NI and AKBNK NI respectively. 2,475-2,480 are the daily resistance levels. The rebound in TUPRS was eye-catching where we remain positive prior 2Q announcements.

Company news:

* MPARK TI> bought back 22K shares at an average price of TL37.16 on 15 July 2022. Since 25 May 2022, the total number of shares bought back reached 1.6mn at an average price of TL34.41

Weekly Agenda:

July 19: June home sales

July 20: July Consumer confidence

July 21: CBT rate decision cons: no change ATA: no change

July 21: BRSA Weekly Banking sector data